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DE 2834 46-1821392 945 Concord Street Suite 1217 Framingham MA 01701 (888) 355-4440 Peter Ludlum 945 Concord Street Suite 1217 Framingham MA 01701 (888) 355-4440 Non-accelerated Filer true false true <table cellpadding="0" cellspacing="0" id="xdx_887_eecd--PvpTableTextBlock_zgPcTlfStFvj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year</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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCT </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total for </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PEO </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ludlum <span>(1)</span></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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAP to </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PEO </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ludlum<span>(2)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eecd--PeoTotalCompAmt_hecd--IndividualAxis__custom--TeofiloRaadMember_zSCwOVRXDWs5" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCT </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total for </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PEO </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Raad<span id="xdx_F51_z5KWVbV61q74">(1)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_487_eecd--PeoActuallyPaidCompAmt_hecd--IndividualAxis__custom--TeofiloRaadMember_zoElv5574378" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAP to </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PEO </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Raad<span id="xdx_F5D_zopDw1jA1uvf">(2)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eecd--NonPeoNeoAvgTotalCompAmt_z8nHKbJmbbEg" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCT Total </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>for Non-</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PEO </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Named </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Officers<span id="xdx_F57_zbtjJaPR05fg">(3)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48A_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zNuNRgCt69x6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CAP to </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-PEO </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Named </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Officers<span id="xdx_F55_zTAXA6U3OK9e">(4)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eecd--TotalShareholderRtnAmt_zX7tnB9kTSU3" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Initial </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed $100 </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Based on </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TSR<span id="xdx_F58_zATNmLrHkyj1">(5)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--NetIncomeLoss_pn3n3_zQ419J9jfWRd" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_919_eus-gaap--NetIncomeLoss_zKzMKm7wBTQ7">Net Loss</span> (in </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>thousands)<span id="xdx_F5E_zsqeD6LgcG1d">(6)</span></b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_411_20250101__20251231_zm6B7diJepE" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: center">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right"><span id="xdx_903_eecd--PeoTotalCompAmt_pp0p0_c20250101__20251231__ecd--IndividualAxis__custom--PeterLudlumMember_fKDEp_zII5SniqhWJh" title="PEO Total Compensation Amount">715,225</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right"><span id="xdx_909_eecd--PeoActuallyPaidCompAmt_pp0p0_c20250101__20251231__ecd--IndividualAxis__custom--PeterLudlumMember_fKDIp_z2TKbccxpKAb" title="PEO Actually Paid Compensation Amount">715,225</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0042">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0043">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0044">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0045">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">57</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 5%; text-align: right">(5,162</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_41D_20240101__20241231_zf6yBMpw7DPe" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_907_eecd--PeoTotalCompAmt_pp0p0_c20240101__20241231__ecd--IndividualAxis__custom--PeterLudlumMember_fKDEp_zgNV9FzUMUE7" title="PEO Total Compensation Amount">780,877</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eecd--PeoActuallyPaidCompAmt_pp0p0_c20240101__20241231__ecd--IndividualAxis__custom--PeterLudlumMember_fKDIp_zuBmUCQxaYff" title="PEO Actually Paid Compensation Amount">780,877</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,723,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,697,244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">432,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">426,076</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">180</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(9,559</td><td style="text-align: left">)</td></tr> <tr id="xdx_418_20230101__20231231_zdoUJuTV20Gj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">691,888</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">545,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">509,915</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">481,934</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">48</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(14,121</td><td style="text-align: left">)</td></tr> </table> 715225 715225 57 -5162000 780877 780877 1723126 1697244 432916 426076 180 -9559000 691888 545728 509915 481934 48 -14121000 Teofilo Raad Teofilo Raad Teofilo Raad Peter Ludlum Peter Ludlum 715225 730877 For the 2024 fiscal year, our only Non-PEO Named Executive Officer was Margaret Wasilewski, M.D. (prior to her termination effective April 1, 2024). As Peter Ludlum was appointed PEO effective July 20, 2024, he is presented in this table as a PEO for the full 2024 fiscal year. For the 2023 fiscal year, the Pulmatrix Non-PEO Named Executive Officers were Peter Ludlum and Margaret Wasilewski. <p id="xdx_898_eecd--CompActuallyPaidVsNetIncomeTextBlock_zWGU26aoHbYl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation Actually Paid and Net Income (Loss) </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following chart sets forth the relationship between CAP to our PEO, the average CAP to our Non-PEO Named Executive Officers, and our net income (loss) during the three most recently completed fiscal years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="forms-4_003.jpg"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 2023 to 2024, our net income increased and the CAP to our PEOs increased, while the CAP to our Non-PEO Named Executive Officers decreased. The increase in net income is primarily related to the Company’s cost saving efforts implemented during the year as it searched for strategic alternatives. CAP to our PEOs increased in 2024 related to severance payments made to Mr. Raad following his separation from the Company effective July 19, 2024, and the appointment of Mr. Ludlum effective July 20, 2024 as PEO, thereby classifying him as a PEO during the entirety of 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 2024 to 2025, our net income increased, while the CAP to our PEO decreased, as we only had one PEO during 2025, Mr. Ludlum.</span></p> <p id="xdx_898_eecd--CompActuallyPaidVsTotalShareholderRtnTextBlock_zW5NnHhS5KH1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation Actually Paid and Cumulative TSR </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following chart sets forth the relationship between CAP to our PEO, the average CAP to our Non-PEO Named Executive Officers, and the Company’s cumulative TSR over the three most recently completed fiscal years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><img alt="" src="forms-4_004.jpg"/> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 2023 to 2025, the value of an initial fixed $100 investment in our common stock based on cumulative TSR increased. Between these years, the CAP to our PEOs increased and the CAP to our Non-PEO Named Executive Officers decreased, as we had no Non-PEO Named Executive Officers in 2025. Although equity awards have historically been a significant component of our executive compensation program, compensation for Mr. Ludlum, our 2025 PEO, does not include equity awards. We have not directly used TSR in our executive compensation program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 4088000 9521000 41000 399000 4129000 9920000 10000 10000 13000 4139000 9943000 272000 809000 57000 120000 329000 929000 67000 329000 996000 0.0001 0.0001 500000 500000 6746 6746 0 0 0 0 0.0001 0.0001 200000000 200000000 3652285 3652285 3652285 3652285 306128000 306103000 -302318000 -297156000 3810000 8947000 4139000 9943000 7806000 38000 7166000 5131000 7785000 2618000 5169000 17569000 -5169000 -9763000 144000 467000 -67000 67000 -204000 -196000 7000 204000 -5162000 -9559000 -1.41 -1.41 -2.62 -2.62 3652285 3652285 3652285 3652285 3652285 305592000 -287597000 17995000 511000 511000 -9559000 -9559000 3652285 306103000 -297156000 8947000 3652285 306103000 -297156000 8947000 25000 25000 -5162000 -5162000 3652285 306128000 -302318000 3810000 3652285 306128000 -302318000 3810000 -5162000 -9559000 106000 329000 25000 511000 -2618000 -67000 67000 -928000 -358000 -343000 -13000 -163000 -537000 -1106000 -63000 -438000 -333000 -4345000 -5433000 -10716000 398000 -398000 -5433000 -11114000 9531000 20645000 4098000 9531000 4088000 9521000 10000 10000 4098000 9531000 4098000 9531000 8423000 <p id="xdx_807_eus-gaap--NatureOfOperations_zNDEjLtB27l8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span>Nature of the Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span id="xdx_829_zvYZ69kvbaBi" style="display: none">Nature of the Business and Basis of Presentation</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pulmatrix, Inc. (“Pulmatrix” or the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a biopharmaceutical company that has focused on the development of a novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company’s proprietary dry powder delivery platform, iSPERSE™, is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Agreement and Plan of Merger and Reorganization</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 13, 2024, Pulmatrix and Cullgen Inc., a Delaware corporation (“Cullgen”) entered into an Agreement and Plan of Merger and Reorganization, as amended by Amendment No. 1 thereto on April 7, 2025 (the “Merger Agreement”), pursuant to which, among other matters, PCL Merger Sub, Inc., a direct wholly owned subsidiary of Pulmatrix (“Merger Sub”), will merge with and into Cullgen, with Cullgen surviving as a wholly owned subsidiary of Pulmatrix, and the surviving corporation of the merger (the “Merger”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Merger Agreement, prior to the closing of the Merger (the “Closing”), Pulmatrix currently expects to declare a cash dividend to the pre-Merger Pulmatrix stockholders equal in the aggregate to Pulmatrix’s reasonable, good faith approximation of the amount by which Pulmatrix’s net cash (as determined pursuant to the Merger Agreement) will exceed $<span id="xdx_906_eus-gaap--DividendsCash_pn5n6_c20241113__20241113__srt--RangeAxis__srt--MinimumMember_zsEtZTYeB9Ik" title="Cash dividend">2.5</span> million, subject to certain adjustments and limitations (such excess amount, the “Cash Dividend”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the terms and conditions of the Merger Agreement, at the Closing, (a) each then-outstanding share of Cullgen common stock other than dissenting shares, will be converted into the right to receive a number of shares of Pulmatrix common stock calculated in accordance with the Merger Agreement (the “Exchange Ratio”), (b) each then-outstanding share of Cullgen preferred stock, other than dissenting shares, will be converted into the right to receive a number of shares of Pulmatrix common stock equal to the number of shares of Cullgen common stock issuable upon conversion of each share of Cullgen preferred stock multiplied by the Exchange Ratio and (c) each then-outstanding option to purchase Cullgen common stock, whether vested or unvested, will be assumed by Pulmatrix, subject to adjustment to reflect the Exchange Ratio as set forth in the Merger Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Merger: (i) each share of Pulmatrix common stock that is issued and outstanding at the Effective Time (as defined below) of the Merger will remain issued and outstanding and such shares, subject to the proposed Pulmatrix reverse stock split, will be unaffected by the Merger; (ii) each option to acquire shares of Pulmatrix common stock outstanding but then not vested or exercisable shall be accelerated in full; (iii) each option to acquire shares of Pulmatrix common stock with an exercise price per share greater than $<span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20241113__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zyuTUv62Qdga" title="Exercise price per share">10.00</span> per share shall be cancelled for no consideration; (iv) each option to acquire shares of Pulmatrix common stock with an exercise price less than or equal to the Pulmatrix Closing Price (as defined herein) will be converted into the right to receive the number of shares underlying such Pulmatrix option, reduced as set forth in the Merger Agreement; (v) each option to acquire shares of Pulmatrix common stock with an exercise price greater than the volume weighted average closing trading price of a share of Parent Common Stock on Nasdaq for the five (5) consecutive trading days ending three (3) trading days immediately prior to the Closing Date as reported by Bloomberg L.P. (the “Pulmatrix Closing Price”), but less than $<span id="xdx_90E_eus-gaap--SharePrice_iI_pid_c20241113__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zoQ2matFaBXj" title="Exercise price per share">10.00</span> per share, will remain outstanding; and (vi) each warrant to acquire shares of Pulmatrix common stock that is outstanding and unexercised immediately prior to the Effective Time of the Merger shall survive the Closing and remain outstanding in accordance with its terms; provided that the holders of any such warrants which remain outstanding following closing may elect to require Pulmatrix to pay such holders cash in exchange for the termination of the remaining unexercised portion of such warrants if contemplated by the terms of such warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Exchange Ratio formula in the Merger Agreement, upon the Closing, on a pro forma basis and based upon the number of shares of Pulmatrix common stock expected to be issued in the Merger, pre-Merger Cullgen stockholders will own approximately <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerCullgenIncMember_zD1G6nvLBgv3" title="Minority interest ownership percentage by noncontrolling owners">96.4</span>% of the combined company and pre-Merger Pulmatrix stockholders will own approximately <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_uPure_c20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerPulmatrixIncMember_zfz7YgsuNYSa" title="Minority interest ownership percentage by parent">3.6</span>% of the combined company on a fully-diluted basis (excluding out-of-the-money options and warrants and any shares reserved for future grants under Pulmatrix’s equity incentive plans). Under certain circumstances further described in the Merger Agreement, the ownership percentages may be adjusted upward or downward based on Pulmatrix’s net cash at the Closing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Exchange Ratio assumes (i) a valuation for Pulmatrix of $<span id="xdx_907_ecustom--ExchangeRatioValuationAmount_pn5n6_c20241113__20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PulmatrixIncMember_z4ezbwy0rZP7" title="Valuation amount">10.5</span> million (comprised of $<span id="xdx_90C_ecustom--EnterpriseValue_pn5n6_c20241113__20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PulmatrixIncMember_zPZc8EYlroX" title="Enterprise value">8</span> million in enterprise value and $<span id="xdx_901_eus-gaap--Cash_iI_pn5n6_c20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PulmatrixIncMember_zv7s7YMT1mmi" title="Cash">2.5</span> million in cash) and (ii) a valuation for Cullgen of $<span id="xdx_902_ecustom--ExchangeRatioValuationAmount_pn5n6_c20241113__20241113__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--CullgenIncMember_zx68zKOoJqj8" title="Valuation amount">280.0</span> million. The Exchange Ratio is also based on the relative capitalization of each of Pulmatrix and Cullgen, for which, for the purposes of calculating the Exchange Ratio, the shares of Pulmatrix common stock underlying Pulmatrix’s in-the-money stock options outstanding immediately prior to the time of the Closing (the “Effective Time”), as adjusted to take into account the Cash Dividend will be deemed outstanding, and all shares of Cullgen common stock underlying outstanding Cullgen’s stock options will be deemed outstanding, subject to certain exceptions as set forth in the Merger Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 16, 2025, the Company held a special meeting in lieu of the annual meeting of Pulmatrix stockholders, at which the Company’s stockholders approved the Merger and related proposals. The Closing is subject to other customary closing conditions, including Nasdaq’s approval of the listing of the shares of Pulmatrix common stock to be issued in connection with the Merger and approval from the China Securities Regulatory Commission (“CSRC”) pursuant to the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises (the “Trial Measures”), No. 1 to No. 6 Supporting Guidance Rules, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC. These regulations established a filing-based regime to regulate overseas offerings and listings by Chinese domestic companies. As of the date of this filing, Pulmatrix has not yet received approval from the CSRC to complete the Merger. As previously disclosed, on August 1, 2025, Pulmatrix and Cullgen, as provided for in the Merger Agreement, mutually agreed to extend the “End Date”, a term defined in the Merger Agreement, by 60 days from August 13, 2025, to October 12, 2025. The Merger Agreement does not have a defined term and does not terminate on the “End Date”. The “End Date” is simply the date at which certain termination options become available to either party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 17, 2025, the Company, Cullgen and PLC Merger Sub, Inc. (collectively, the “Parties”) entered into a mutual waiver agreement (the “Waiver Agreement”), pursuant to which the Parties agreed to mutually waive compliance with Section 5.4 of the Merger Agreement, which such provision imposes restrictions on each party during the Pre-Closing Period (as defined in the Merger Agreement). Except as expressly waived pursuant to the Waiver Agreement, the Merger Agreement remains in full force and effect in all respects, and no other provision of the Merger Agreement has otherwise been amended, waived, or modified.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Merger is completed, the business of Cullgen will continue as the business of the combined company. Concurrent with the Merger, the Company will seek to monetize its intellectual property, including iSPERSE™ and its clinical assets (the “Asset Sale”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. There can be no assurance that the strategic review process or any transaction relating to a specific asset, including the Merger and any Asset Sale, will result in the Company pursuing such a transaction, or that any transactions, if pursued, will be completed on terms favorable to Pulmatrix and its stockholders in the existing Pulmatrix entity or any possible entity that results from a combination of entities. If the strategic review process is unsuccessful, and if the Merger is not consummated, the Company’s board of directors may decide to pursue a dissolution and liquidation in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2500000 10.00 10.00 0.964 0.036 10500000 8000000 2500000 280000000.0 <p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zw88ZxZ9Z6pc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_82A_zxoT231YHm22">Summary of Significant Accounting Policies and Recent Accounting Standards</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zksVoEM8A9O3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zBS1Mm0ush2j">Principles of Consolidation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_ecustom--RiskAndUncertaintiesPolicyTextBlock_z2wcWiEuy4l3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_z03BiohqZlvf">Risks, Uncertainties and Liquidity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of December 31, 2025, would be adequate to fund its operating expenses for at least twelve months from the date these consolidated financial statements are issued. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s board of directors may also decide in the future to pursue a dissolution and liquidation in lieu of continuing program development.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--UseOfEstimates_zrrU5wd6y1O9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_z4f63FVVVVc">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the consolidated financial statements in conformity with U.S. GAAP, management is required 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 consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zD8T3A9AVrsd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zWTUD1LrZlBk">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2025, the Company recognized no revenue. For the year ended December 31, 2024, revenue from two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zslBOK17f7Ca" title="Concentration risk percentage">100</span>% of revenue recognized in the accompanying consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_z9Fhuxy9VYL6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zclZ1oyqjIPa">Cash, Cash Equivalents and Restricted Cash</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents are held in US banks and consist of cash deposited in operating and money market accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, $<span id="xdx_90A_eus-gaap--DepositsMoneyMarketDeposits_iI_pn3n3_c20251231_zUtK69z5cxtc" title="Deposit money market">10</span> was deposited in a money market account as security for a credit card and presented as long-term restricted cash in the consolidated balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, $<span id="xdx_90E_eus-gaap--RestrictedCash_iI_pn3n3_c20241231__us-gaap--PledgingPurposeAxis__us-gaap--LetterOfCreditMember_ztw5OLglWXdk" title="Restricted cash">1,421</span> of restricted cash collateralizing a letter of credit related to the Company’s former headquarters lease in Bedford, Massachusetts, became unrestricted, providing additional cash available for operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zcSlepPHwINf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zPPEHWcHTYai">Fair Value of Financial Instruments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, <i>Fair Value Measurement</i>, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 — Valuations based on quoted prices for similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 — Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, certain of the Company’s outstanding warrants were classified as liabilities and measured at fair value in accordance with FASC ASC Topic 815, <i>Derivatives and Hedging</i>. The Company measures the Level 3 fair value of the warrant liability using the Black-Scholes option-pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the consolidated statement of operations. These warrants expired during the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 and 2024, the Company did not hold any other financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--LesseeLeasesPolicyTextBlock_z9X1kJbd251f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zMCTbeB2Wxwe">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for leases in accordance with FASB ASC Topic 842, <i>Leases</i>. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Options to renew a lease are not included in the Company’s initial lease term assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plans to renew its material leases on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items, such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for the lease and non-lease components as a combined lease component. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--RevenueRecognitionPolicyTextBlock_z9HKFgLVOsYj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zBTvaeQ6WUk9">Revenue Recognition</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">No revenues were recognized for the year ended December 31, 2025. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s principal source of revenue during the year ended December 31, 2024, was derived from a collaboration arrangement and license agreement that relate to the development and commercialization of PUR1900 under the Cipla Agreement (as defined below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At inception, management determines whether contracts are within the scope of FASB ASC Topic 606, <i>Revenue from Contracts with Customers </i>(“ASC 606”) or other topics, including FASB ASC Topic 808, <i>Collaborative Arrangements</i> (“ASC 808”). For contracts that are within the scope of ASC 808, the Company evaluates whether the counterparty is a customer for any of the units of account (i.e., distinct goods and services) in the contract. For units of account where the counterparty is considered a customer, the Company applies ASC 606 to those unit(s) of account, including recognition, measurement, presentation, and disclosure guidance. To date, the Company has determined it is appropriate to apply ASC 606 to all contracts and units of account for contracts within the scope of ASC 808.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For contracts and units of account that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which management expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, management applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identification of Performance Obligations.</i> Performance obligations promised in a contract are identified at contract inception based on the goods and services that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, management applies judgment to determine whether promised goods and services are both capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction Price and Milestone Payments. </i>The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. At the inception of each contract that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Management evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each reporting period, management reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive Licenses.</i> If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the counterparty can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development Services. </i>The promises under the Company’s arrangements may include research and development services to be performed by the Company on behalf of the counterparty. Payments or reimbursements from customers resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. The Company uses an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Reimbursements from and payments to the counterparty that are the result of a collaborative relationship, instead of a customer relationship, such as co-development activities, are recognized as the services are performed and presented as a reduction to research and development expense. To date, the Company has determined that all arrangements which include research and development services have been transacted with customers and recognized on a gross basis using ASC 606.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Royalties. </i>For contracts that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer Options. </i>If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For a complete discussion of accounting for the Company’s revenue contracts, see Note 5, <i>Significant Agreements</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--ResearchAndDevelopmentExpensePolicy_zCptzbVcwbS4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zFD2bG3X2VO1">Research and Development Costs</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs are expensed as incurred and include salaries, benefits, bonus, stock-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a substantial component of research and development expenses and include costs associated with third-party contractors, clinical research organizations (“CROs”) and clinical manufacturing organizations (“CMOs”). Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on management’s estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zJpWekPaVKfg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zhpGpxYh46Zi">Stock-based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards principally related to stock options, which are measured at the grant date fair value of the award. The Company determines grant-date fair value of stock option awards using the Black-Scholes option-pricing model. For service-based vesting grants, expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. For performance-based vesting grants, expense is recognized over the requisite period until the performance obligation is met, assuming that it is probable. No expense is recognized for performance-based grants until it is probable the vesting criteria will be satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based payments to non-employees are recognized as services are rendered, generally on a straight-line basis. The Company believes that the fair values of these awards are more reliably measurable than the fair values of the services rendered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_ecustom--CommonStockWarrantsPolicyTextBlock_zOJ21vN0PZ2a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_z0VcXp8FNnGj">Common Stock Warrants</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies as equity any warrants that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any warrants that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) or (iii) that contain reset provisions that do not qualify for the scope exception. The Company assesses classification of its common stock warrants and other freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s freestanding derivatives consist of warrants to purchase common stock that were issued in connection with its (i) convertible preferred stock, (ii) private placements, (iii) term loan, (iv) consulting services and (v) underwriting and representative services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants that are determined to require equity classification are measured at fair value upon issuance and are not subsequently remeasured unless they are required to be reclassified. Warrants that are determined to require liability classification are subject to re-measurement at each balance sheet date until exercised, terminated or reclassified, and any change in fair value is recognized in the Company’s consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zk1XD8UefN9h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zlqMHo0chfVf">Basic and Diluted Net Loss Per Share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of outstanding warrants to purchase common stock. Undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the participating securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share are the same in periods for which the effect of potentially dilutive securities would be antidilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--IncomeTaxPolicyTextBlock_zvPPxsfU0j42" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zvCGj89sPdIh">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes are recorded in accordance with FASB ASC Topic 740, <i>Income Taxes</i> (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z74u3FF7h22i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zLgKIdd7KLn9">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the year ended December 31, 2025, that had a material effect on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued Accounting Standard Update 2023-09, <i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures </i>(“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard becomes effective for the annual period beginning on January 1, 2025, with early adoption permitted. The Company prospectively adopted ASU 2023-09 in its 2025 annual period, which resulted in additional income tax disclosures. Refer to Note 11, <i>Income Taxes</i> for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, <i>Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses </i>(“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.</span></p> <p id="xdx_850_zwkIVqlModx1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--ConsolidationPolicyTextBlock_zksVoEM8A9O3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_zBS1Mm0ush2j">Principles of Consolidation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_ecustom--RiskAndUncertaintiesPolicyTextBlock_z2wcWiEuy4l3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_z03BiohqZlvf">Risks, Uncertainties and Liquidity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of December 31, 2025, would be adequate to fund its operating expenses for at least twelve months from the date these consolidated financial statements are issued. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s board of directors may also decide in the future to pursue a dissolution and liquidation in lieu of continuing program development.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--UseOfEstimates_zrrU5wd6y1O9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_z4f63FVVVVc">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the consolidated financial statements in conformity with U.S. GAAP, management is required 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 consolidated financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zD8T3A9AVrsd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zWTUD1LrZlBk">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2025, the Company recognized no revenue. For the year ended December 31, 2024, revenue from two customers accounted for <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20241231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--RevenueFromContractWithCustomerMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--TwoCustomersMember_zslBOK17f7Ca" title="Concentration risk percentage">100</span>% of revenue recognized in the accompanying consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 <p id="xdx_84A_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_z9Fhuxy9VYL6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_860_zclZ1oyqjIPa">Cash, Cash Equivalents and Restricted Cash</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents are held in US banks and consist of cash deposited in operating and money market accounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, $<span id="xdx_90A_eus-gaap--DepositsMoneyMarketDeposits_iI_pn3n3_c20251231_zUtK69z5cxtc" title="Deposit money market">10</span> was deposited in a money market account as security for a credit card and presented as long-term restricted cash in the consolidated balance sheet.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, $<span id="xdx_90E_eus-gaap--RestrictedCash_iI_pn3n3_c20241231__us-gaap--PledgingPurposeAxis__us-gaap--LetterOfCreditMember_ztw5OLglWXdk" title="Restricted cash">1,421</span> of restricted cash collateralizing a letter of credit related to the Company’s former headquarters lease in Bedford, Massachusetts, became unrestricted, providing additional cash available for operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 10000 1421000 <p id="xdx_840_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zcSlepPHwINf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_868_zPPEHWcHTYai">Fair Value of Financial Instruments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, <i>Fair Value Measurement</i>, establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 — Valuations based on quoted prices for similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 — Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, certain of the Company’s outstanding warrants were classified as liabilities and measured at fair value in accordance with FASC ASC Topic 815, <i>Derivatives and Hedging</i>. The Company measures the Level 3 fair value of the warrant liability using the Black-Scholes option-pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the consolidated statement of operations. These warrants expired during the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 and 2024, the Company did not hold any other financial assets or liabilities that were measured at fair value on a recurring or nonrecurring basis. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--LesseeLeasesPolicyTextBlock_z9X1kJbd251f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zMCTbeB2Wxwe">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for leases in accordance with FASB ASC Topic 842, <i>Leases</i>. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Options to renew a lease are not included in the Company’s initial lease term assessment unless there is reasonable certainty that the Company will renew. The Company monitors its plans to renew its material leases on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain adjustments to the right-of-use asset may be required for items, such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for the lease and non-lease components as a combined lease component. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--RevenueRecognitionPolicyTextBlock_z9HKFgLVOsYj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zBTvaeQ6WUk9">Revenue Recognition</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">No revenues were recognized for the year ended December 31, 2025. <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s principal source of revenue during the year ended December 31, 2024, was derived from a collaboration arrangement and license agreement that relate to the development and commercialization of PUR1900 under the Cipla Agreement (as defined below).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At inception, management determines whether contracts are within the scope of FASB ASC Topic 606, <i>Revenue from Contracts with Customers </i>(“ASC 606”) or other topics, including FASB ASC Topic 808, <i>Collaborative Arrangements</i> (“ASC 808”). For contracts that are within the scope of ASC 808, the Company evaluates whether the counterparty is a customer for any of the units of account (i.e., distinct goods and services) in the contract. For units of account where the counterparty is considered a customer, the Company applies ASC 606 to those unit(s) of account, including recognition, measurement, presentation, and disclosure guidance. To date, the Company has determined it is appropriate to apply ASC 606 to all contracts and units of account for contracts within the scope of ASC 808.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For contracts and units of account that are determined to be within the scope of ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which management expects to be entitled to receive in exchange for these goods and services. To achieve this core principle, management applies the following five steps (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Identification of Performance Obligations.</i> Performance obligations promised in a contract are identified at contract inception based on the goods and services that are both capable of being distinct and are distinct in the context of the contract. To the extent a contract includes multiple promised goods and services, management applies judgment to determine whether promised goods and services are both capable of being distinct and distinct in the context of the contract. If these criteria are not met, the promised goods and services are accounted for as a combined performance obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transaction Price and Milestone Payments. </i>The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods and services to the customer. At the inception of each contract that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Management evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each reporting period, management reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive Licenses.</i> If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the counterparty can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development Services. </i>The promises under the Company’s arrangements may include research and development services to be performed by the Company on behalf of the counterparty. Payments or reimbursements from customers resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. The Company uses an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Reimbursements from and payments to the counterparty that are the result of a collaborative relationship, instead of a customer relationship, such as co-development activities, are recognized as the services are performed and presented as a reduction to research and development expense. To date, the Company has determined that all arrangements which include research and development services have been transacted with customers and recognized on a gross basis using ASC 606.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Royalties. </i>For contracts that include sales-based royalties, including milestone payments upon first commercial sales and milestone payments based on a level of sales, which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer Options. </i>If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options that are not determined to be material rights are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For a complete discussion of accounting for the Company’s revenue contracts, see Note 5, <i>Significant Agreements</i>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--ResearchAndDevelopmentExpensePolicy_zCptzbVcwbS4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_861_zFD2bG3X2VO1">Research and Development Costs</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs are expensed as incurred and include salaries, benefits, bonus, stock-based compensation, license fees, milestone payments due under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, and develop drug materials and delivery devices; and associated overhead and facilities costs. Clinical trial costs are a substantial component of research and development expenses and include costs associated with third-party contractors, clinical research organizations (“CROs”) and clinical manufacturing organizations (“CMOs”). Invoicing from third-party contractors for services performed can lag several months. The Company accrues the costs of services rendered in connection with third-party contractor activities based on management’s estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred. Research and development costs that are paid in advance of performance are capitalized as prepaid expenses and amortized over the service period as the services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zJpWekPaVKfg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zhpGpxYh46Zi">Stock-based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company recognizes all employee stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards principally related to stock options, which are measured at the grant date fair value of the award. The Company determines grant-date fair value of stock option awards using the Black-Scholes option-pricing model. For service-based vesting grants, expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. For performance-based vesting grants, expense is recognized over the requisite period until the performance obligation is met, assuming that it is probable. No expense is recognized for performance-based grants until it is probable the vesting criteria will be satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based payments to non-employees are recognized as services are rendered, generally on a straight-line basis. The Company believes that the fair values of these awards are more reliably measurable than the fair values of the services rendered.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_ecustom--CommonStockWarrantsPolicyTextBlock_zOJ21vN0PZ2a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_862_z0VcXp8FNnGj">Common Stock Warrants</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies as equity any warrants that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any warrants that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control), (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement) or (iii) that contain reset provisions that do not qualify for the scope exception. The Company assesses classification of its common stock warrants and other freestanding derivatives at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s freestanding derivatives consist of warrants to purchase common stock that were issued in connection with its (i) convertible preferred stock, (ii) private placements, (iii) term loan, (iv) consulting services and (v) underwriting and representative services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants that are determined to require equity classification are measured at fair value upon issuance and are not subsequently remeasured unless they are required to be reclassified. Warrants that are determined to require liability classification are subject to re-measurement at each balance sheet date until exercised, terminated or reclassified, and any change in fair value is recognized in the Company’s consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zk1XD8UefN9h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zlqMHo0chfVf">Basic and Diluted Net Loss Per Share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common shares and participating securities. The participating securities consist of outstanding warrants to purchase common stock. Undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the participating securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share are the same in periods for which the effect of potentially dilutive securities would be antidilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--IncomeTaxPolicyTextBlock_zvPPxsfU0j42" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86E_zvCGj89sPdIh">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes are recorded in accordance with FASB ASC Topic 740, <i>Income Taxes</i> (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided, if, based upon the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z74u3FF7h22i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zLgKIdd7KLn9">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the year ended December 31, 2025, that had a material effect on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued Accounting Standard Update 2023-09, <i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures </i>(“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard becomes effective for the annual period beginning on January 1, 2025, with early adoption permitted. The Company prospectively adopted ASU 2023-09 in its 2025 annual period, which resulted in additional income tax disclosures. Refer to Note 11, <i>Income Taxes</i> for further information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, <i>Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses </i>(“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements.</span></p> <p id="xdx_80C_ecustom--DisclosureOfPrepaidExpensesAndOtherCurrentAssetsTextBlock_zpCxvj2d592k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span id="xdx_827_zSjoR7sAb8Ib">Prepaid Expenses and Other Current Assets</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zNhPzJGcNIha" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zARLjpVBxcGh" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zmw2E4bhp1U" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zTYFtiqiF471" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAz82x_zPV6MYnqRfI" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Software and hosting costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4</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">19</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAz82x_z6V2m295A5Ei" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAz82x_zih1F1MLRVVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">34</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">180</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--LegalRetainerFees_iI_pn3n3_maPEAOAz82x_zKqRCvD8nk31" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Legal retainer fees</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidRent_iI_pn3n3_maPEAOAz82x_zhY2L9tWUgbc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Rent</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ResearchProjects_iI_pn3n3_maPEAOAz82x_z7cBBFJSUlkb" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Research projects</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ConsultantsAndProfessionalFees_iI_pn3n3_maPEAOAz82x_z7Y5bK8XCAj8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Consultants and professional fees</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAz82x_zCSJcfFm0qw9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total prepaid expenses and other current assets</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">41</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">399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zBvSVYWZ6Iuc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zNhPzJGcNIha" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zARLjpVBxcGh" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zmw2E4bhp1U" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zTYFtiqiF471" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_403_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAz82x_zPV6MYnqRfI" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Software and hosting costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4</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">19</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAz82x_z6V2m295A5Ei" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAz82x_zih1F1MLRVVf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">34</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">180</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--LegalRetainerFees_iI_pn3n3_maPEAOAz82x_zKqRCvD8nk31" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Legal retainer fees</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidRent_iI_pn3n3_maPEAOAz82x_zhY2L9tWUgbc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Rent</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ResearchProjects_iI_pn3n3_maPEAOAz82x_z7cBBFJSUlkb" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Research projects</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ConsultantsAndProfessionalFees_iI_pn3n3_maPEAOAz82x_z7Y5bK8XCAj8" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Consultants and professional fees</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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAz82x_zCSJcfFm0qw9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total prepaid expenses and other current assets</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">41</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">399</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4000 19000 3000 200000 34000 180000 41000 399000 <p id="xdx_80C_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_zyedQTPEDSVi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_829_ziqM2PzKC3f2">Accrued Expenses and Other Current Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zp26crTxSTgk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zDUbCXvpn1xk" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zilQeKM23KTl" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zkQCVYLMu9Lh" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zBp1eJbyRhU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Wages and incentives</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">41</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">38</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_z4ORNpA7CnH7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedExchangeFeeRebateCurrentAndNoncurrent_iI_pn3n3_maALCzWj2_zaPrsmshFY2j" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued Merger-related accounting fees</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_40E_ecustom--ExternalResearchAndDevelopmentExpenses_iI_pn3n3_maALCzWj2_z4mxT9aGpBWe" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">External research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zinTHcmfWIef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">14</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">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zS0agzuQTqRc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total accrued expenses and other current liabilities</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">57</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">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zPm9J3gAVkPh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zp26crTxSTgk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zDUbCXvpn1xk" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231_zilQeKM23KTl" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zkQCVYLMu9Lh" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zBp1eJbyRhU1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Wages and incentives</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">41</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">38</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_z4ORNpA7CnH7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Legal and patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedExchangeFeeRebateCurrentAndNoncurrent_iI_pn3n3_maALCzWj2_zaPrsmshFY2j" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued Merger-related accounting fees</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_40E_ecustom--ExternalResearchAndDevelopmentExpenses_iI_pn3n3_maALCzWj2_z4mxT9aGpBWe" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">External research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zinTHcmfWIef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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">14</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">71</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zS0agzuQTqRc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total accrued expenses and other current liabilities</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">57</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">120</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 41000 38000 2000 11000 14000 71000 57000 120000 <p id="xdx_80D_eus-gaap--CommitmentsDisclosureTextBlock_z8H8sX4GMSHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_820_zzhSx8WKDJW6">Significant Agreements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Development and Commercialization Agreement with Cipla Technologies LLC (“Cipla”)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 15, 2019, the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla for the co-development and commercialization, on a worldwide exclusive basis, of PUR1900, the Company’s inhaled iSPERSE<i>^™</i>drug delivery system (the “Product”) enabled formulation of the antifungal drug itraconazole, which is only available as an oral drug, for the treatment of all pulmonary indications, including allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma. The Company entered into an amendment to the Cipla Agreement on November 8, 2021 (the “Second Amendment”) and a subsequent amendment on January 6, 2024 (the “Third Amendment”). All references to the Cipla Agreement herein refer to the Cipla Agreement, as amended.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company received a non-refundable upfront payment of $<span id="xdx_900_eus-gaap--ProceedsFromRelatedPartyDebt_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember_z9f0Lrp9wa29" title="Non-refundable upfront payment received">22.0</span> million (the “Upfront Payment”) under the Cipla Agreement. Upon receipt of the Upfront Payment, the Company irrevocably assigned to Cipla the following assets, solely to the extent that each covers the Product in connection with any treatment, prevention, and/or diagnosis of diseases of the pulmonary system (“Pulmonary Indications”): all existing and future technologies, current and future drug master files, dossiers, third-party contracts, regulatory filings, regulatory materials and regulatory approvals, patents, and intellectual property rights, as well as any other associated rights and assets directly related to the Product, specifically in relation to Pulmonary Indications (collectively, the “Assigned Assets”), excluding most specifically the Company’s iSPERSE<i>^™</i> technology. A portion of the Upfront Payment was deposited by the Company into a bank account, along with an equal amount from the Company, and was dedicated to the development of the Product (the “Initial Development Funding”). The Initial Development Funding was depleted during the year ended December 31, 2021, at which point the Company and Cipla each became responsible for a portion of the development costs actually incurred as described below (the “Co-Development Phase”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--AgreementDescription_c20250101__20251231_zB5o44MorDs3" title="Agreement description">Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company shared all other development costs with Cipla that were not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Third Amendment, the Company and Cipla agreed that, during the period commencing on January 6, 2024 and ending July 30, 2024 (the “Wind Down Period”), the Company would complete all Phase 2b activities, assign or license all patents to Cipla and their registration with the appropriate authorities in regions other than the United States, complete a physical and demonstrable technology transfer and secure all data from the Phase 2b study for inclusion in the safety database. The Company shared costs with Cipla during the Wind Down Period in the same proportions in effect with the Second Amendment discussed above, but subject to a maximum reimbursement amount by Cipla as approved by the joint steering committee. The Company completed all Phase 2b activities by the end of the Wind Down Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounting Treatment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company originally concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808. The Company concluded that Cipla is a customer since they contracted with the Company to obtain research and development services and a license to the Assigned Assets, each of which is an output of the Company’s ordinary activities, in exchange for consideration. Therefore, the Company has applied the guidance in ASC 606 to account for the research and development services and a license within the contract. The Company determined that the research and development services and license to the Assigned Assets are considered highly interdependent and highly interrelated and therefore are considered a single combined performance obligation because Cipla cannot benefit from the license without the performance by the Company of the research and development services. Such research and development services are highly specialized and proprietary to the Company and therefore not available to Cipla from any other third party.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company initially determined the total transaction price to be $<span id="xdx_90A_ecustom--TransactionCosts_iI_pn5n6_c20251231_zBSCCeg0AmW2" title="Transaction cost">22.0</span> million – comprised of $<span id="xdx_90C_ecustom--TransactionCosts_iI_pn5n6_c20251231__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__srt--ProductOrServiceAxis__custom--ResearchAndDevelopmentServiceMember_zyEUXWnUvxr5" title="Transaction cost">12.0</span> million for research and development services for the Product and $<span id="xdx_900_ecustom--TransactionCosts_iI_pn5n6_c20251231__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__srt--ProductOrServiceAxis__custom--IrrevocableLicenseMember_zRKvH7tBmHo1" title="Transaction cost">10.0</span> million for the irrevocable license to the Assigned Assets. Any consideration related to the Co-Development Phase was not initially included in the transaction price as such amounts were subject to the variable consideration constraint. Additionally, the Company has fully constrained any transaction price that might be realized upon commercialization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue is recognized for the Cipla Agreement as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the Company’s obligations. In management’s judgment, this input method is the best measure of the transfer of control of the combined performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheets, with amounts expected to be recognized in the next 12 months recorded as current.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company concluded that the Third Amendment is a contract modification that should be accounted for as part of the existing contract. During the years ended December 31, 2025 and 2024, the Company recognized $<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn6n6_c20250101__20251231__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__srt--ProductOrServiceAxis__custom--ResearchAndDevelopmentServiceMember_zHhCiS6bpLag" title="Revenue">0</span> and $<span id="xdx_90E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20240101__20241231__dei--LegalEntityAxis__custom--CiplaTechnologiesLlcMember__us-gaap--TypeOfArrangementAxis__custom--CiplaAgreementMember__srt--ProductOrServiceAxis__custom--ResearchAndDevelopmentServiceMember_zMA2Bk3zu3e4" title="Revenue">6.9</span> million, respectively, in revenue related to the research and development services and irrevocable license to the Assigned Assets in the Company’s consolidated statements of operations. The revenue recognized during the year ended December 31, 2024 was primarily associated with the cumulative catch-up recorded as a result of the contract modification, that had been included in deferred revenue at the beginning of that period. As of December 31, 2025, all of the Company’s performance obligations under the Cipla Agreement have been satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Agreements with MannKind Corporation (“MannKind”)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 28, 2024, the Company executed certain agreements with MannKind and the Company’s landlord (collectively, the “MannKind Transaction”), all of which closed during July 2024. The agreements with MannKind included a Bill of Sale and Assignment Agreement (the “Bill of Sale”) with respect to the assignment of the Company’s rental facility at 36 Crosby Drive, Bedford, Massachusetts (the “Bedford Facility”) to MannKind along with the transfer of all leasehold improvements, laboratory equipment and other related personal property. In connection with the assignment of the Bedford Facility, the Company, MannKind and Cobalt Propco 2020, LLC (the “Landlord”) entered into an Amendment to Lease and Consent to Assignment of Lease (the “Lease Assignment Agreement”) pursuant to that certain Lease Agreement, dated as of January 7, 2022 (the “Lease Agreement”), by and between the Company and the Landlord. Pursuant to the Lease Assignment Agreement, MannKind assumed all of the Company’s obligations under the Lease Agreement, including all rent and other payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with these transactions, the Company and MannKind entered into an Intellectual Property Cross License Agreement (the “Cross License Agreement”). Pursuant to the Cross License Agreement, the Company granted to MannKind (i) an exclusive license to develop, use, manufacture, market, offer and sell iSPERSE formulations of Clofazimine, (ii) an exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of nontuberculous mycobacteria lung disease in humans, (iii) an exclusive license to develop, use, manufacture, market, offer and sell iSPERSE formulations of insulin, (iv) a non-exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of endocrine disease in humans, and (v) a non-exclusive license to develop, use, manufacture, market, offer and sell formulations of iSPERSE with one more active pharmaceutical ingredients for the treatment of interstitial lung diseases (including IPF, PPF and other related lung diseases) in humans (collectively, the “Out-License”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, pursuant to the Cross License Agreement, MannKind granted to the Company (i) the exclusive right to develop, use, manufacture, market, offer and sell its single-use disposable dry powder inhaler (including all modifications or improvement thereto made by or on behalf of the Company, the “Cricket Device”) for the inhaled delivery of dihydroergotamine in any formulation whatsoever, including the Company’s PUR3100 treatment of acute migraine and (ii) a non-exclusive license to develop, use, manufacture, market, offer and sell the Cricket Device for the inhaled delivery of one more active pharmaceutical ingredients formulated with iSPERSE for the treatment of neurological disease in humans (collectively, the “In-License”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, pursuant to the Master Services Agreement, by and between the Company and MannKind, MannKind shall provide certain development services to the Company, including but not limited to, activities to develop a dry powder formulation of the active pharmaceutical ingredient that the Company provides to MannKind for oral inhalation using iSPERSE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To maintain continuity of iSPERSE platform knowledge, MannKind hired certain members of the Company’s research and development staff in July 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounting Treatment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined that the MannKind Transaction represents a combined agreement for accounting purposes, as the individual components have the same overall commercial objectives and the consideration under each component is dependent on the other components.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consideration due to the Company in the MannKind Transaction consists solely of the non-cash consideration in the form of the In-License. The fair value of the non-cash consideration received should be allocated to the other components of the MannKind Transaction to determine the consideration received for the other components. The Company determined that the fair value of the In-License is immaterial given that adequate alternative inhaler devices are already available on the market (and indeed, the Company has already established use of another third-party inhalation device in their PUR3100 Phase 1 trial that performed well as a DHE delivery device as reported in a peer-reviewed publication), and considering optional purchases of Cricket Devices are at market prices. Accordingly, the consideration allocated to other components of the MannKind Transaction was immaterial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company accounted for the Lease Assignment Agreement upon execution as a lease modification that reduced the lease term to the assignment date in July 2024. Accordingly, the Company remeasured its operating lease liability as of the modification date to reflect the decrease in fixed lease payments, with the amount of the remeasurement, $<span id="xdx_905_ecustom--IncreaseDecreaseInRightOfUseAsset_pn5n6_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--LeaseAssignmentAgreementMember_zuXnhZ3DSSH7" title="Decrease in right-of-use asset">8.4</span> million, adjusted by a corresponding reduction to the right-of-use asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined that its operating lease right-of-use asset and property and equipment subject to the Bill of Sale represented a disposal group. The Company recorded a full write-down of the disposal group’s carrying value in the amount of $<span id="xdx_90C_eus-gaap--DisposalGroupNotDiscontinuedOperationLossGainOnWriteDown_pn5n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--LeaseAssignmentAgreementMember_z44tjC6IE22i" title="Disposal group write-down of carrying value">2.6</span> million during the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrent with the closing of the MannKind Transaction, the Company terminated and MannKind hired the majority of the Company’s research and development employees, representing approximately two-thirds of the Company’s workforce at the time. The Company agreed to provide termination benefits to these employees, which was fully paid during the year ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 22000000.0 Pursuant to the Second Amendment, the Company and Cipla were each responsible for 60% and 40%, respectively, of the Company’s overhead costs and the time spent by the Company’s employees and consultants on development of the Product (“Direct Costs”). The Company shared all other development costs with Cipla that were not Direct Costs, such as the cost of clinical research organizations, manufacturing costs and other third-party costs, on a 50/50 basis. 22000000.0 12000000.0 10000000.0 0 6900000 8400000 2600000 <p id="xdx_802_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zr6PZ9vtTZIa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_827_zuyQfDnWIMj">Common Stock</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2021, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with H.C. Wainwright and Co., LLC (“HCW”) to act as the Company’s sales agent with respect to the issuance and sale of up to $<span id="xdx_90E_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zhjLkSJ7ZD9" title="Sale of stock, consideration received on transaction">20.0</span> million of the Company’s shares of common stock, from time to time in an at-the-market public offering (the “ATM Offering”). Upon filing of the Annual Report, the Company continued to be subject to General Instruction I.B.6 of Form S-3, pursuant to which in no event will the Company sell its common stock in a registered primary offering using Form S-3 with a value exceeding more than one-third of its public float in any 12 calendar month period so long as its public float remains below $<span id="xdx_905_ecustom--EntitiesPublicFloat_iI_pp0p0_c20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zyFJqxzumbcd" title="Public float">75,000,000</span>. Therefore, the amount that may be able to be raised using the ATM Offering will be significantly less than $<span id="xdx_906_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ATMOfferingMember__srt--RangeAxis__srt--MaximumMember_ze6YSic6xJvk" title="Sale of stock, consideration received on transaction">20,000,000</span>, until such time as the Company’s public float held by non-affiliates exceeds $75,000,000.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales of common stock under the Sales Agreement are made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on May 17, 2024, and subsequently declared effective on May 30, 2024 (File No. 333-279491), and a related prospectus. HCW acts as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Capital Market. If expressly authorized by the Company, HCW may also sell the Company’s common stock in privately negotiated transactions. There is no specific date on which the ATM Offering will end, there are no minimum sale requirements and there are no arrangements to place any of the proceeds of the ATM Offering in an escrow, trust or similar account. HCW is entitled to compensation at a fixed commission rate of <span id="xdx_904_ecustom--CommissionPercentage_pid_dp_uPure_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zOXjRI4HYyYf" title="Commission percentage">3.0</span>% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the years ended December 31, 2025, and 2024, <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20250101__20251231__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_z1obgKQsOYeg" title="Number of shares issued in transaction"><span id="xdx_906_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20240101__20241231__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zL29j5gCTYRg" title="Number of shares issued in transaction">no</span></span> shares of common stock were sold under the Sales Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 20000000.0 75000000 20000000 0.030 0 0 <p id="xdx_806_ecustom--DisclosureOfWarrantsTextBlock_zJ46L4z19Fra" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. <span id="xdx_826_zk3QuvbiDRQg">Warrants</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_899_eus-gaap--ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_zx2hWGLWJ2xi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes warrant activity for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 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_8B6_zXElJxuFpQf6" style="display: none">Schedule of Rollforward of Common Stock Warrants Outstanding</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <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"><p style="margin-top: 0; margin-bottom: 0">Number of</p> <p style="margin-top: 0; margin-bottom: 0">Common Warrants</p></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"><p style="margin-top: 0; margin-bottom: 0">Weighted Average</p> <p style="margin-top: 0; margin-bottom: 0">Exercise Price</p></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">Average Remaining Contractual Term (Years)</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"><p style="margin-top: 0; margin-bottom: 0">Aggregate</p> <p style="margin-top: 0; margin-bottom: 0">Intrinsic Value</p></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: 36%">Outstanding January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCBXMDSQqxab" style="width: 12%; text-align: right" title="Number of Common Warrants, Outstanding, Beginning Balance">934,373</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_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7E8Lufsu1V6" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">55.01</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"> </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">     </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Warrants Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKJde9YLHOrl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Common Warrants, Expired">(551,785</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsExpiredWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztnqHU84S41" style="text-align: right" title="Weighted Average Exercise Price, Expired">79.15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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">Outstanding December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjQFIjIcQkJ" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Common Warrants, Outstanding, Ending Balance">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUagJ4I80GIb" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending balance">20.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEn8MGexCyYf" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding">0.82</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingAggregateIntrinsicValue_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMk5zzSlEZG7" style="text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0746">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zjH5EEaxeaB5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zzR1wUmE2yri" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following represents a summary of the warrants outstanding at December 31, 2025, all of which are equity-classified:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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_8B8_zkf84o5hEd82" style="display: none">Schedule of Warrants Outstanding and Exercisable</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; text-align: center">Issue 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">Adjusted <br/> Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration 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 Shares <br/> Underlying Warrants</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: 23%; text-align: left"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20250101__20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zqgWteJ5aUYf" title="Warrants, Issue Date">December 17, 2021</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_z0YEH3WyClCl" style="width: 22%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 23%; text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zC2B1S6fTWyk" title="Warrants, Expiration Date">December 15, 2026</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zqAqKcfO26H5" style="width: 22%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20250101__20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zAjt3rOpQgOd" title="Warrants, Issue Date">December 17, 2021</span></td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_z2INTIlUYkF3" style="text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zWvmvCwu2Gqj" title="Warrants, Expiration Date">December 17, 2026</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zd0mKf7ZYI5h" style="text-align: right" title="Number of shares underlying exercisable warrants">281,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20250101__20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zFd4fYnLEYhl" title="Warrants, Issue Date">February 16, 2021</span></td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zXsrJ0q3T3h7" style="text-align: right" title="Warrants, Adjusted Exercise Price">49.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_z6FfY2FVD9lg" title="Warrants, Expiration Date">February 11, 2026</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zbMHbcL8ruE" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares Underlying Warrants, Outstanding and Exercisable">65,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </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 id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zWsI9ORacOqc" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zqEgCCg5RKmf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zY8Z3cAFnNOl" title="Warrants to purchase common stock expired">535,830</span> shares of common stock with a contingent cash redemption feature expired during the year ended December 31, 2025. These warrants included terms that could have given rise to an obligation of the Company to pay cash to its warrant holders following a change in control. Following the execution of the Merger Agreement on November 13, 2024, the Company concluded this contingent cash redemption feature was no longer within its control and accordingly reclassified these warrants from equity to liability, remeasuring the fair value of these warrants at approximately $<span id="xdx_901_ecustom--WarrantLiability_iI_pn3n3_c20241231_zkz4Sc4FdON4" title="Warrants fair value">67</span> thousand as of December 31, 2024, recording a corresponding loss in the Company’s consolidated statements of operations. Since the warrants expired during the year ended December 31, 2025, prior to a change in control occurring, the Company recorded a gain of $<span id="xdx_90A_eus-gaap--FairValueAdjustmentOfWarrants_iN_pn3n3_di_c20250101__20251231_zLYiNUVje0ua" title="Fair value adjustment of warrants">67</span> thousand in the Company’s consolidated statements of operations for the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants to purchase <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures_pid_c20260101__20260101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zqdzvgWfPBBi" title="Warrants to purchase common stock expired">65,003</span> shares of common stock, with a weighted-average exercise price of $<span id="xdx_901_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsExpiredWeightedAverageExercisePrice_iI_pid_c20260101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIC2ITv4c0r4" title="Weighted-average exercise price">49.99</span>, expired subsequent to December 31, 2025, but before the date these consolidated financial statements were issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_899_eus-gaap--ScheduleOfCommonStockOutstandingRollForwardTableTextBlock_zx2hWGLWJ2xi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes warrant activity for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 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_8B6_zXElJxuFpQf6" style="display: none">Schedule of Rollforward of Common Stock Warrants Outstanding</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <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"><p style="margin-top: 0; margin-bottom: 0">Number of</p> <p style="margin-top: 0; margin-bottom: 0">Common Warrants</p></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"><p style="margin-top: 0; margin-bottom: 0">Weighted Average</p> <p style="margin-top: 0; margin-bottom: 0">Exercise Price</p></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">Average Remaining Contractual Term (Years)</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"><p style="margin-top: 0; margin-bottom: 0">Aggregate</p> <p style="margin-top: 0; margin-bottom: 0">Intrinsic Value</p></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: 36%">Outstanding January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCBXMDSQqxab" style="width: 12%; text-align: right" title="Number of Common Warrants, Outstanding, Beginning Balance">934,373</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_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z7E8Lufsu1V6" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">55.01</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"> </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">     </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Warrants Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_pid_di_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zKJde9YLHOrl" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Common Warrants, Expired">(551,785</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsExpiredWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztnqHU84S41" style="text-align: right" title="Weighted Average Exercise Price, Expired">79.15</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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">Outstanding December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjQFIjIcQkJ" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Common Warrants, Outstanding, Ending Balance">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zUagJ4I80GIb" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending balance">20.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingWeightedAverageRemainingContractualTerm_dtY_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEn8MGexCyYf" style="text-align: right" title="Weighted Average Remaining Contractual Term (Years), Outstanding">0.82</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsNonOptionsOutstandingAggregateIntrinsicValue_iE_c20250101__20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMk5zzSlEZG7" style="text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending balance"><span style="-sec-ix-hidden: xdx2ixbrl0746">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 934373 55.01 551785 79.15 382588 20.20 P0Y9M25D <p id="xdx_89E_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zzR1wUmE2yri" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following represents a summary of the warrants outstanding at December 31, 2025, all of which are equity-classified:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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_8B8_zkf84o5hEd82" style="display: none">Schedule of Warrants Outstanding and Exercisable</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; text-align: center">Issue 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">Adjusted <br/> Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration 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 Shares <br/> Underlying Warrants</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: 23%; text-align: left"><span id="xdx_905_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20250101__20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zqgWteJ5aUYf" title="Warrants, Issue Date">December 17, 2021</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_z0YEH3WyClCl" style="width: 22%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 23%; text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zC2B1S6fTWyk" title="Warrants, Expiration Date">December 15, 2026</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zqAqKcfO26H5" style="width: 22%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span id="xdx_904_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20250101__20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zAjt3rOpQgOd" title="Warrants, Issue Date">December 17, 2021</span></td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_z2INTIlUYkF3" style="text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zWvmvCwu2Gqj" title="Warrants, Expiration Date">December 17, 2026</span></td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zd0mKf7ZYI5h" style="text-align: right" title="Number of shares underlying exercisable warrants">281,047</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20250101__20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zFd4fYnLEYhl" title="Warrants, Issue Date">February 16, 2021</span></td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zXsrJ0q3T3h7" style="text-align: right" title="Warrants, Adjusted Exercise Price">49.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_z6FfY2FVD9lg" title="Warrants, Expiration Date">February 11, 2026</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--WarrantThreeMember_zbMHbcL8ruE" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares Underlying Warrants, Outstanding and Exercisable">65,003</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </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 id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_zWsI9ORacOqc" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">382,588</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2021-12-17 14.99 2026-12-15 36538 2021-12-17 13.99 2026-12-17 281047 2021-02-16 49.99 2026-02-11 65003 382588 535830 67000 -67000 65003 49.99 <p id="xdx_80A_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zN609f7uWE34" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_82E_zt6RachMG0Cf">Stock-based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company sponsored the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”), which expired on June 10, 2025. No new awards may be made under the Incentive Plan after its expiration date. Awards issued under the Incentive Plan prior to its expiration remain outstanding in accordance with their terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zyfxNPecaX0b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20250101__20251231_zwa67u9ADre9" title="Stock options granted"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20240101__20241231_z2jrbVpDIgOh" title="Stock options granted">No</span></span> stock options were granted during the years ended December 31, 2025, and 2024. The following table summarizes stock option activity for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 id="xdx_8BB_zSYlgc9lJHj8" style="display: none">Schedule of Stock Option Activity</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="text-align: center"> </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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual Term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding — January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjS4OhYIEbhf" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">34,046</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_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbiUHGUVObb8" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">30.55</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"> </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_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zKvcusZ4wAQi" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0798">-</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zuNPfM8VTF4c" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zXR26e5xNm9b" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zMUEMicrzcp8" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl0804">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zkf8fUg9BrK9" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl0806">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Forfeited or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLOmKZ2IIxh6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited, cancelled and expired">(188</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z3aYHZ1cweD5" style="text-align: right" title="Weighted Average Exercise Price, Forfeited, cancelled and expired">2,350.64</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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">Outstanding — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTeVQbm0zO5f" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">33,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zSqRMcN7uIP8" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zA3AsA1pYDXa" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.72</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zH5bJ8s4T3ra" style="text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl0818">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zE7PrMczx04k" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,961</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zrTqApEncHtd" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">18.95</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z77ju5tXv4oe" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.60</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zeerVLXedag7" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl0826">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Vested and expected to vest as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zeyQ4sSjgHyl" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Vested"><span style="-sec-ix-hidden: xdx2ixbrl0828">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1EsJxIwbqR9" style="text-align: right" title="Vested and expected to vest, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl0830">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYL8HPU5ScUj" style="text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl0832">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zNO5M99Mtxz6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of December 31, 2025, there was an immaterial amount of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s Incentive Plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zS6urv7DGSsl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents total stock-based compensation expense for the years ended December 31, 2025, and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 id="xdx_8B4_ztNf9OyqjVDi" style="display: none">Schedule of Stock-based Compensation Expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20250101__20251231_zdIattDcvg2l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20240101__20241231_zcOxl54EdCC7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zRHsCTFAvwa2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0836">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">149</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zCa6BReMQGAa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</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">25</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">362</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zhiK3BfzAJk4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="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; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zks2RO1Mk2x5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zyfxNPecaX0b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20250101__20251231_zwa67u9ADre9" title="Stock options granted"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLWJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20240101__20241231_z2jrbVpDIgOh" title="Stock options granted">No</span></span> stock options were granted during the years ended December 31, 2025, and 2024. The following table summarizes stock option activity for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 id="xdx_8BB_zSYlgc9lJHj8" style="display: none">Schedule of Stock Option Activity</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="text-align: center"> </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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual Term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding — January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjS4OhYIEbhf" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">34,046</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_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbiUHGUVObb8" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">30.55</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"> </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_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zKvcusZ4wAQi" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0798">-</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zuNPfM8VTF4c" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zXR26e5xNm9b" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zMUEMicrzcp8" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl0804">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zkf8fUg9BrK9" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl0806">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Forfeited or expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLOmKZ2IIxh6" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited, cancelled and expired">(188</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z3aYHZ1cweD5" style="text-align: right" title="Weighted Average Exercise Price, Forfeited, cancelled and expired">2,350.64</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </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">Outstanding — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zTeVQbm0zO5f" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">33,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zSqRMcN7uIP8" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zA3AsA1pYDXa" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.72</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zH5bJ8s4T3ra" style="text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl0818">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zE7PrMczx04k" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,961</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zrTqApEncHtd" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">18.95</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z77ju5tXv4oe" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.60</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zeerVLXedag7" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl0826">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Vested and expected to vest as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zeyQ4sSjgHyl" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Vested"><span style="-sec-ix-hidden: xdx2ixbrl0828">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1EsJxIwbqR9" style="text-align: right" title="Vested and expected to vest, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl0830">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYL8HPU5ScUj" style="text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl0832">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 0 0 34046 30.55 188 2350.64 33858 17.67 P5Y8M19D 30961 18.95 P5Y7M6D <p id="xdx_89B_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zS6urv7DGSsl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents total stock-based compensation expense for the years ended December 31, 2025, and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 id="xdx_8B4_ztNf9OyqjVDi" style="display: none">Schedule of Stock-based Compensation Expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20250101__20251231_zdIattDcvg2l" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_490_20240101__20241231_zcOxl54EdCC7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ResearchAndDevelopmentExpense_zRHsCTFAvwa2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0836">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">149</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--GeneralAndAdministrativeExpense_zCa6BReMQGAa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">362</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_hus-gaap--StatementOfIncomeLocationBalanceAxis__us-gaap--ShareBasedCompensation_zhiK3BfzAJk4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25</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">511</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 149000 25000 362000 25000 511000 <p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z4L6cYvXbUfa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_829_z9joGDOv949e">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development Activities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has contracted with various other organizations to conduct research and development activities, including clinical trials. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. As of December 31, 2025, the Company had no material noncancellable commitments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal Proceedings</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> <p id="xdx_806_eus-gaap--LesseeOperatingLeasesTextBlock_zDtsDonyqvl5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_82A_z9V5WxUtHz5h">Leases</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the MannKind Transaction in the third quarter of 2024, in which the Company assigned its former lease to MannKind, the Company has operated as a virtual company. The Company entered into a short-term agreement to maintain a corporate address at 945 Concord Street, Framingham, Massachusetts. No lease liability or right-of-use asset has been recorded for this short-term lease, and the short-term lease cost associated with this lease is immaterial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Previous Headquarters</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 28, 2024, as part of the MannKind Transaction (see further discussion in Note 5, <i>Significant Agreements</i>), the Company and the Landlord executed the Lease Assignment Agreement to assign the Lease Agreement to MannKind in July 2024. The Company accounted for the Lease Assignment Agreement as a lease modification that reduced the lease term to the assignment date in July 2024. Accordingly, during the year ended December 31, 2024, the Company remeasured its lease liability as of the modification date to reflect the decrease in fixed lease payments, with the amount of the remeasurement, $<span id="xdx_907_ecustom--IncreaseDecreaseInRightOfUseAsset_pn5n6_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--LeaseAssignmentAgreementMember_z6EsS1InvHlf" title="Decrease in right-of-use asset">8.4</span> million, adjusted by a corresponding reduction to the right-of-use asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the MannKind Transaction, $<span id="xdx_90E_eus-gaap--RestrictedCash_iI_pn5n6_c20240831__us-gaap--PledgingPurposeAxis__us-gaap--LetterOfCreditMember_zHTukWMWQ4el" title="Restricted cash">1.4</span> million of restricted cash was released in August 2024, which had been held in a depository account at a financial institution to collateralize a conditional stand-by letter of credit related to the Lease Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--LeaseCostTableTextBlock_zeTZSOGYpMDj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease expense for the Company for the years ended December 31, 2025, and 2024 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 id="xdx_8BF_zk6zTUjQiLrg" style="display: none">Schedule of Components of Lease Expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49D_20250101__20251231_zWDbLSSJc5qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_493_20240101__20241231_zb5CL0d9Rue7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LeaseCostAbstract_iB_zMUhI1qhavRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease cost</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_404_eus-gaap--OperatingLeaseCost_i01_pn3n3_maLCzryb_zXcJMkShg0z6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Fixed lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0858">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">678</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--VariableLeaseCost_i01_pn3n3_maLCzryb_z5VHC6d4VpGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">214</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LeaseCost_i01T_pn3n3_mtLCzryb_zvzCV344Zqw" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0864">-</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">892</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_i01_pn3n3_z1VmwRMgGy7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Cash paid for amounts included in the measurement of lease liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0867">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Weighted-average remaining lease term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zy7U9kOBozyh" title="Weighted-average discount rate - operating leases"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</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_907_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zOAXanfrcQZb" title="Weighted-average discount rate - operating leases"><span style="-sec-ix-hidden: xdx2ixbrl0872">-</span></span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AB_zq4syTvnSZEh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p> 8400000 1400000 <p id="xdx_894_eus-gaap--LeaseCostTableTextBlock_zeTZSOGYpMDj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of lease expense for the Company for the years ended December 31, 2025, and 2024 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; 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 id="xdx_8BF_zk6zTUjQiLrg" style="display: none">Schedule of Components of Lease Expenses</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_49D_20250101__20251231_zWDbLSSJc5qb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" id="xdx_493_20240101__20241231_zb5CL0d9Rue7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </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">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--LeaseCostAbstract_iB_zMUhI1qhavRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease cost</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_404_eus-gaap--OperatingLeaseCost_i01_pn3n3_maLCzryb_zXcJMkShg0z6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Fixed lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0858">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">678</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--VariableLeaseCost_i01_pn3n3_maLCzryb_z5VHC6d4VpGf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Variable lease cost</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0861">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">214</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--LeaseCost_i01T_pn3n3_mtLCzryb_zvzCV344Zqw" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0864">-</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">892</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Other information</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeasePayments_i01_pn3n3_z1VmwRMgGy7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Cash paid for amounts included in the measurement of lease liabilities</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0867">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">681</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Weighted-average remaining lease term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zy7U9kOBozyh" title="Weighted-average discount rate - operating leases"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</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_907_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zOAXanfrcQZb" title="Weighted-average discount rate - operating leases"><span style="-sec-ix-hidden: xdx2ixbrl0872">-</span></span></td><td style="text-align: left"> </td></tr> </table> 678000 214000 892000 681000 <p id="xdx_808_eus-gaap--IncomeTaxDisclosureTextBlock_zzSGVqwe3CRa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_82F_ztTAYfh4fgB2">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had no income tax expense due to operating losses incurred for the years ended December 31, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zdt6OoYsZfsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the actual effective amount and rate for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 id="xdx_8BD_zggBl7ICXuX3">Schedule of Reconciliation of U.S Federal Statutory Tax and Effective Amount and Rate</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </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">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</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">Percent</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">U.S federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_z1hAAPyARuXg" style="width: 16%; text-align: right" title="U.S federal statutory tax rate">(1,084</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_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zaRTodkQPUV5" title="U.S federal statutory tax rate, effective percent">21.0</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Changes in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zKuYnL9X1Z0d" style="text-align: right" title="Changes in valuation allowances">1,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_z9VCLdcVJJ6l" title="Changes in valuation allowance, percent">(19.7</span></td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Nontaxable or nondeductible items</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-left: 10pt; text-align: justify">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zLoiyoZeERx5" style="text-align: right" title="Nontaxable or nondeductible items : Stock-based compensation">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zqi605d9Kl7j" title="Nontaxable or nondeductible items : Stock-based compensation, percent">(1.2</span></td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; 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 id="xdx_98B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_ziB299MVWzeg" style="border-bottom: Black 1pt solid; text-align: right" title="Nontaxable or nondeductible items : Other">3</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_906_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zpiRgLrcXfGi" title="Nontaxable or nondeductible items : Other, percent">(0.1</span></td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Effective tax rate</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--IncomeTaxExpenseBenefit_iTP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zcdZ2jhHl1Q4" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for (benefit from) taxes"><span style="-sec-ix-hidden: xdx2ixbrl0894">-</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_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iTP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zzR9BasS6mwl" title="Effective tax rate, percent"><span style="-sec-ix-hidden: xdx2ixbrl0896">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8AA_zBJePLoEcYJe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zcE1hQxk98ic" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the required disclosure prior to the adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual effective income tax rate for the years ended December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zA32ahFuEy2c" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_znyZuRwI2kd5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zuPN5bbjXfSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Income tax computed at federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zoI4ZMDfYdte" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_z3SxBdUhblx7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.8</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_zKjryxFfBzt8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expiration of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences_pid_dp_uPure_z5VXhJwvEQSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.4</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxReconciliationLimitationsOnCreditAndNetOperatingLosses_pid_dp_uPure_zWw7Hyo8rfSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Limitations on credits and net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_zXlT5HglNpEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</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">(21.0</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_zAfiX80W3R37" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</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: xdx2ixbrl0914">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zq7K6Iwfc6w5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z4qkxpzsRmM1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 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_8B8_zLguY6NzaXz3" style="display: none">Schedule of Components of Deferred Tax Assets</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zhKBRlraflV3" 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" id="xdx_49E_20241231_zxkt0Xrf36nj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</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_404_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzPCi_z8sUYcT08iQ6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,311</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">16,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopment_iI_pn3n3_maDTAGzPCi_zvKRuBkCdxM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized research and experimental costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,836</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_maDTAGzPCi_zdUFdWbXd4v8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and development credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedStartup_iI_pn3n3_maDTAGzPCi_zAh6cyHZbP71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized start-up expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGzPCi_zdpo7XsSOJQl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzPCi_zp2HGsqmcp09" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">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">660</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">309</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzPCi_maDTANzDKP_z2jQXNSdPG76" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzDKP_zyfREHzstN2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</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">(27,849</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">(26,524</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--ValuationAllowanceDeferredTaxAsset_iNI_pn3n3_di_msDTANzDKP_zKnb55qRRVl" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Change in valuation allowance</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"> </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"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzDKP_zoSiazd18neb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</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: xdx2ixbrl0945">-</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 style="-sec-ix-hidden: xdx2ixbrl0946">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zi41T7GwHAKf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the limitations described below, as of December 31, 2025, the Company had federal net operating loss carryforwards of approximately $<span id="xdx_907_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_pn5n6_c20251231_zFsZR4mXYzg7" title="Operating loss carryforwards">81.7</span> million available to reduce future taxable income, of which $<span id="xdx_902_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_pn5n6_c20251231__us-gaap--TaxPeriodAxis__custom--TaxYear2026to2037Member_zcdDU3t1gqVf" title="Operating loss carryforwards">3.8</span> million is subject to <span id="xdx_903_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_pn5n6_c20250101__20251231__us-gaap--TaxPeriodAxis__custom--TaxYear2026to2037Member_zVTdPUEOrrob" title="Operating loss carryforwards expiration">expiration between 2026 and 2037</span> and $<span id="xdx_900_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_pn5n6_c20251231__us-gaap--TaxPeriodAxis__custom--IndefiniteMember_zIxnivI94im6" title="Operating loss carryforwards">77.9</span> million may be carried forward indefinitely. As of December 31, 2025, the Company had state net operating loss carryforwards of approximately $<span id="xdx_905_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_iI_pn5n6_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zmtj36KCaSBg" title="State net operating loss carryforwards">33.9</span> million, which is subject to expiration <span id="xdx_90C_eus-gaap--OperatingLossCarryforwardsLimitationsOnUse_pn5n6_c20250101__20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zSRtn8jmY8dg" title="Net operating loss carryforwards expiration">between 2030 and 2045</span>. The Company also had research and development credits of approximately $<span id="xdx_90A_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20251231__us-gaap--TaxCreditCarryforwardAxis__us-gaap--ResearchMember_zJiW8Fan7MPa" title="Research and development tax credits">1.9</span> million as of December 31, 2025 to offset future federal and state income taxes, which is subject to <span id="xdx_901_eus-gaap--TaxCreditCarryforwardLimitationsOnUse_pn5n6_c20250101__20251231__us-gaap--TaxCreditCarryforwardAxis__us-gaap--ResearchMember_zKM5lDQEHUK2" title="Tax credit carryforwards expiration">expiration at various times through 2044</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed several financings since its inception which it believes has resulted in changes in control as defined by Sections 382 and 383 of the Internal Revenue Code.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined that it is more likely than not that the Company will not recognize the benefits of the deferred tax assets. As a result, a full valuation allowance was recorded as of December 31, 2025 and 2024. The valuation allowance increased by $<span id="xdx_90E_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn5n6_c20250101__20251231_zuSEfPyqJMdi" title="Increase in valuation allowance">1.3</span> million during the year ended December 31, 2025, primarily due to the increase in loss carryforwards by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. on July 4, 2025. OBBBA introduced significant changes to the U.S. federal corporate tax system, including retroactive relief for certain small business taxpayers, such as reinstatement of immediate expensing for domestic research and development expenditures and modifications to the business interest expense limitation. Under U.S. GAAP, the effects of changes in tax laws are recognized in the period in which the new law is enacted. Accordingly, the provisions impacting the Company have been reflected in the financial statements for the year ended December 31, 2025, and did not have a material impact as the Company has a valuation allowance against its net deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is currently not under examination by the Internal Revenue Service or any other jurisdictions for any tax years. The Company files income tax returns in the United States for federal and state income taxes. In the normal course of business, the Company is subject to examination by tax authorities in the United States. Since the Company is in a loss carryforward position, the Company is generally subject to U.S. federal and state income tax examinations by tax authorities for all years for which a loss carryforward is utilized. The Company’s returns remain subject to federal and state audits for the years 2022 through 2025. However, carryforward attributes from prior years may still be adjusted upon examination by tax authorities if they are used in an open period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may from time to time be assessed interest or penalties by major tax jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company has not recorded interest or penalties on any unrecognized tax benefits since its inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zU5mZ1O6qQ32" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The roll-forward of the Company’s gross uncertain tax positions is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 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_8BD_zI3dNoZK1msb" style="display: none">Schedule of Roll-forward of Gross Uncertain Tax Positions</span></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <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">Gross<br/> Uncertain<br/> Tax Position</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: 80%">Balance — January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20240101__20241231_zXKrpOalYI31" style="width: 16%; text-align: right" title="Beginning balance">505</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20240101__20241231_zqTVRQVqiM33" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions">139</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance — December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20250101__20251231_zNR8tcSsxNw8" style="text-align: right" title="Gross uncertain tax positions, Beginning balance">644</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20250101__20251231_zTXv8gVQlGf6" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions"><span style="-sec-ix-hidden: xdx2ixbrl0974">-</span></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 — December 31, 2025</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--UnrecognizedTaxBenefits_iE_pn3n3_c20250101__20251231_z3i4E4vSI2Ul" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross uncertain tax positions, Ending balance">644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zjDgtshYSN0i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s total uncertain tax positions did not have any changes during the year ended December 31, 2025. None of the uncertain tax positions, if realized, would affect the Company’s effective tax rate in future periods due to a valuation allowance provided against the Company’s net deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_897_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zdt6OoYsZfsg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the actual effective amount and rate for the year ended December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 id="xdx_8BD_zggBl7ICXuX3">Schedule of Reconciliation of U.S Federal Statutory Tax and Effective Amount and Rate</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </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">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</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">Percent</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">U.S federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_z1hAAPyARuXg" style="width: 16%; text-align: right" title="U.S federal statutory tax rate">(1,084</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_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zaRTodkQPUV5" title="U.S federal statutory tax rate, effective percent">21.0</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Changes in valuation allowances</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zKuYnL9X1Z0d" style="text-align: right" title="Changes in valuation allowances">1,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_z9VCLdcVJJ6l" title="Changes in valuation allowance, percent">(19.7</span></td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Nontaxable or nondeductible items</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-left: 10pt; text-align: justify">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zLoiyoZeERx5" style="text-align: right" title="Nontaxable or nondeductible items : Stock-based compensation">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zqi605d9Kl7j" title="Nontaxable or nondeductible items : Stock-based compensation, percent">(1.2</span></td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; 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 id="xdx_98B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_iP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_ziB299MVWzeg" style="border-bottom: Black 1pt solid; text-align: right" title="Nontaxable or nondeductible items : Other">3</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_906_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_iP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zpiRgLrcXfGi" title="Nontaxable or nondeductible items : Other, percent">(0.1</span></td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Effective tax rate</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--IncomeTaxExpenseBenefit_iTP1us-gaap--IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_pn3n3_c20250101__20251231_zcdZ2jhHl1Q4" style="border-bottom: Black 2.5pt double; text-align: right" title="Provision for (benefit from) taxes"><span style="-sec-ix-hidden: xdx2ixbrl0894">-</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_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iTP1us-gaap--EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_pid_dp_uPure_c20250101__20251231_zzR9BasS6mwl" title="Effective tax rate, percent"><span style="-sec-ix-hidden: xdx2ixbrl0896">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> -1084000 0.210 1018000 -0.197 63000 -0.012 3000 -0.001 <p id="xdx_89A_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zcE1hQxk98ic" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the required disclosure prior to the adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual effective income tax rate for the years ended December 31, 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zA32ahFuEy2c" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_znyZuRwI2kd5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zuPN5bbjXfSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Income tax computed at federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zoI4ZMDfYdte" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.5</td><td style="text-align: left">%</td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_z3SxBdUhblx7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development credits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.8</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_zKjryxFfBzt8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expiration of stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7.7</td><td style="text-align: left">)%</td></tr> <tr id="xdx_409_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpensePermanentDifferences_pid_dp_uPure_z5VXhJwvEQSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2.4</td><td style="text-align: left">)%</td></tr> <tr id="xdx_400_ecustom--EffectiveIncomeTaxReconciliationLimitationsOnCreditAndNetOperatingLosses_pid_dp_uPure_zWw7Hyo8rfSb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Limitations on credits and net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.2</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_zXlT5HglNpEf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</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">(21.0</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_zAfiX80W3R37" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</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: xdx2ixbrl0914">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 0.210 0.055 -0.058 -0.077 -0.024 -0.012 -0.210 <p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z4qkxpzsRmM1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 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_8B8_zLguY6NzaXz3" style="display: none">Schedule of Components of Deferred Tax Assets</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zhKBRlraflV3" 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" id="xdx_49E_20241231_zxkt0Xrf36nj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets:</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_404_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzPCi_z8sUYcT08iQ6" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,311</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">16,116</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopment_iI_pn3n3_maDTAGzPCi_zvKRuBkCdxM9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized research and experimental costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,836</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3n3_maDTAGzPCi_zdUFdWbXd4v8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Research and development credit carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsDeferredExpenseCapitalizedStartup_iI_pn3n3_maDTAGzPCi_zAh6cyHZbP71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Capitalized start-up expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_pn3n3_maDTAGzPCi_zdpo7XsSOJQl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsOther_iI_pn3n3_maDTAGzPCi_zp2HGsqmcp09" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt">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">660</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">309</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzPCi_maDTANzDKP_z2jQXNSdPG76" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27,849</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzDKP_zyfREHzstN2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</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">(27,849</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">(26,524</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--ValuationAllowanceDeferredTaxAsset_iNI_pn3n3_di_msDTANzDKP_zKnb55qRRVl" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Change in valuation allowance</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"> </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"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzDKP_zoSiazd18neb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</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: xdx2ixbrl0945">-</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 style="-sec-ix-hidden: xdx2ixbrl0946">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 19311000 16116000 5708000 7836000 1945000 1945000 117000 135000 108000 183000 660000 309000 27849000 26524000 27849000 26524000 81700000 3800000 expiration between 2026 and 2037 77900000 33900000 between 2030 and 2045 1900000 expiration at various times through 2044 1300000 <p id="xdx_894_eus-gaap--ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_zU5mZ1O6qQ32" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The roll-forward of the Company’s gross uncertain tax positions is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; display: none; 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 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_8BD_zI3dNoZK1msb" style="display: none">Schedule of Roll-forward of Gross Uncertain Tax Positions</span></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><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; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <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">Gross<br/> Uncertain<br/> Tax Position</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: 80%">Balance — January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20240101__20241231_zXKrpOalYI31" style="width: 16%; text-align: right" title="Beginning balance">505</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20240101__20241231_zqTVRQVqiM33" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions">139</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance — December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--UnrecognizedTaxBenefits_iS_pn3n3_c20250101__20251231_zNR8tcSsxNw8" style="text-align: right" title="Gross uncertain tax positions, Beginning balance">644</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions for current year tax positions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_pn3n3_c20250101__20251231_zTXv8gVQlGf6" style="border-bottom: Black 1pt solid; text-align: right" title="Additions for current year tax positions"><span style="-sec-ix-hidden: xdx2ixbrl0974">-</span></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 — December 31, 2025</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--UnrecognizedTaxBenefits_iE_pn3n3_c20250101__20251231_z3i4E4vSI2Ul" style="border-bottom: Black 2.5pt double; text-align: right" title="Gross uncertain tax positions, Ending balance">644</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 505000 139000 644000 644000 <p id="xdx_800_eus-gaap--EarningsPerShareTextBlock_znSnIJ7jB8kf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. <span id="xdx_825_zKCDFvsbLC0f">Net Loss Per Share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is calculated by dividing net loss by the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding stock options or warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share were the same for the years ended December 31, 2025, and 2024, as the effect of potentially dilutive securities would have been anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an anti-dilutive impact:</span></p> <p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWBKJq9Y0nWj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zzeQgM0rScyk" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <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">Year Ended December 31,</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">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">2024</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%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zV8pnZdANYt4" title="Options to purchase common stock">33,858</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_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zTyNvcHl7vm6" title="Options to purchase common stock">34,046</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</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_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zOBhp70GWRha" title="Warrants to purchase common stock">382,588</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_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zV3iKbpai9Rb" title="Warrants to purchase common stock">934,373</span></td><td style="padding-bottom: 1pt; 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; padding-left: 10pt">Total potentially dilutive securities excluded</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_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231_zcAlXtXPb2V2" title="Weighted average shares outstanding">416,446</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_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231_zsyamFS0BQ6e" title="Weighted average shares outstanding">968,419</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zjpW0MI8Cbei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWBKJq9Y0nWj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zzeQgM0rScyk" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <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">Year Ended December 31,</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">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">2024</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%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zV8pnZdANYt4" title="Options to purchase common stock">33,858</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_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zTyNvcHl7vm6" title="Options to purchase common stock">34,046</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants to purchase common stock</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_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zOBhp70GWRha" title="Warrants to purchase common stock">382,588</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_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zV3iKbpai9Rb" title="Warrants to purchase common stock">934,373</span></td><td style="padding-bottom: 1pt; 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; padding-left: 10pt">Total potentially dilutive securities excluded</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_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20250101__20251231_zcAlXtXPb2V2" title="Weighted average shares outstanding">416,446</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_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20240101__20241231_zsyamFS0BQ6e" title="Weighted average shares outstanding">968,419</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 33858000 34046000 382588000 934373000 416446000 968419000 <p id="xdx_808_eus-gaap--SegmentReportingDisclosureTextBlock_zlAs1SW2eet9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. <span id="xdx_828_zJEzWLUTOFIh">Segment Reporting</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in a single reportable segment. The accounting policies of the segment are the same as those described in the summary of significant accounting policies (Note 2). The measure of segment assets is reported on the balance sheet as total consolidated assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses net loss to assess financial performance of the Company and allocate resources, in addition to operating forecasts and clinical results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s single segment revenue, significant segment expenses, other segment items and net loss are each presented separately on the Company’s consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zEh9MG31FRz6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14. <span id="xdx_825_zIAEzBjgqto3">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has completed an evaluation of all subsequent events after the balance sheet date of December 31, 2025, through the date the consolidated financial statements were issued to ensure that the consolidated financial statements include appropriate disclosure of events both recognized in the consolidated financial statements as of December 31, 2025, and events which occurred subsequently but were not recognized in the consolidated financial statements. The Company has concluded that no subsequent events have occurred that require disclosure, except as disclosed within the consolidated financial statements.</span></p> 2168000 4088000 700000 371000 41000 3239000 4129000 7000 10000 3246000 4139000 529000 272000 160000 57000 689000 329000 689000 329000 0.0001 0.0001 500000 500000 6746 6746 0 0 0 0 1100 1100 1000 1000 0 0 966000 0.0001 0.0001 200000000 200000000 3652285 3652285 3652285 3652285 306117000 306128000 -304526000 -302318000 2557000 3810000 3246000 4139000 2000 14000 5000 33000 1044000 1534000 2333000 3362000 1046000 1548000 2338000 3395000 -1046000 -1548000 -2338000 -3395000 10000 41000 22000 94000 -1000 -67000 -43000 108000 -123000 10000 -1000 130000 38000 -1036000 -1549000 -2208000 -3357000 -16000 -16000 -1052000 -1549000 -2224000 -3357000 -0.29 -0.29 -0.42 -0.42 -0.61 -0.61 -0.92 -0.92 3652285 3652285 3652285 3652285 3652285 3652285 3652285 3652285 3652285 306128000 -302318000 3810000 950000 950000 3000 3000 -1172000 -1172000 950000 3652285 306131000 -303490000 3591000 1000 -16000 16000 2000 2000 -1036000 -1036000 1000 966000 3652285 306117000 -304526000 2557000 3652285 306103000 -297156000 8947000 8000 8000 -1808000 -1808000 3652285 306111000 -298964000 7147000 3652285 306111000 -298964000 7147000 6000 6000 -1549000 -1549000 3652285 306117000 -300513000 5604000 3652285 306117000 -300513000 5604000 -2208000 -3357000 5000 14000 -67000 330000 -82000 -13000 257000 -425000 103000 44000 -2173000 -3696000 1000000 -50000 950000 -1223000 -3696000 4098000 9531000 2875000 5835000 2168000 5825000 700000 7000 10000 2875000 5835000 2875000 5835000 16000 <p id="xdx_808_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z9yondt2L7Yb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_826_zVcgZYMDX7vh">Organization</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pulmatrix, Inc. (“Pulmatrix” or the “Company”) was incorporated in 2013 as a Delaware corporation. The Company is a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE™ technology. The Company’s proprietary dry powder delivery platform, iSPERSE™, is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Agreement and Plan of Merger and Reorganization </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 26, 2026, Pulmatrix and Eos SENOLYTIX, Inc., a Delaware corporation (“Eos”), entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, among other matters, PUOS Merger Sub, Inc., a direct wholly owned subsidiary of Pulmatrix (“Merger Sub”), will merge with and into Eos, with Eos continuing as the surviving corporation and a wholly owned subsidiary of Pulmatrix (the “Merger”). In connection with the Merger, Eos and Pulmatrix entered into definitive agreements for concurrent private financings of $<span id="xdx_90B_eus-gaap--ProceedsFromOtherEquity_pn6n6_c20260326__20260326__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zx8ijBIqDPLb" title="Proceeds from other equity">19</span> million in aggregate gross proceeds (collectively, the “Financings”), including a $<span id="xdx_900_eus-gaap--ProceedsFromSaleOfOtherInvestments_pn5n6_c20260326__20260326__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zMrxFkqLINBa" title="Aggregate gross proceeds">1.0 </span>million investment in Pulmatrix.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Exchange Ratio formula set forth in the Merger Agreement, upon the closing of the Merger (the “Closing”), on a pro forma basis and based upon the number of shares of Pulmatrix common stock expected to be issued in the Merger, pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of advisory fees, will own approximately <span id="xdx_906_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20260326__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerEosIncMember_ziKSkJpXVKi9" title="Minority interest ownership percentage by noncontrolling owners">94</span>% of the combined company and Pulmatrix stockholders will own approximately <span id="xdx_90B_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20260326__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__srt--OwnershipAxis__custom--PreMergerPulmatrixIncMember_zxzEI6Plt517" title="Minority interest ownership percentage by parent">6</span>% of the combined company on a fully-diluted basis (excluding any shares reserved for future grants under Pulmatrix’s equity incentive plans).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consummation of the Merger is subject to approval by Pulmatrix stockholders and Eos stockholders, as well as other customary closing conditions, including the effectiveness of a registration statement filed with the Securities and Exchange Commission in connection with the transaction and Nasdaq’s approval of the listing of the shares of Pulmatrix common stock to be issued in connection with the Merger. If the Merger is completed, the business of Eos will continue as the business of the combined company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Merger Agreement contains certain termination rights of each of Pulmatrix and Eos. At the Effective Time, the board of directors of Pulmatrix is expected to consist of six members, one of which will be a director designated by Pulmatrix, and the remainder of which will be designated by Eos.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company’s board of directors may decide to pursue a dissolution and liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 19000000 1000000.0 0.94 0.06 <p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zBKXWL9ZVbSd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2. <span id="xdx_820_z8oPkSNMVlKc">Summary of Significant Accounting Policies and Recent Accounting Standards</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zX0y3HvHialk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_z3PRvzS5QG7c">Basis of Presentation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026, and amended on June 16, 2026 (the “Annual Report”).<br/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial information as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, is unaudited. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The balance sheet data as of December 31, 2025, was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--LiquidityandGoingConcernPolicyTextBlock_zuQS36VUdrHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zBdATrFhWphd">Liquidity and going concern</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company may seek other strategic alternatives or pursue a dissolution and liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company anticipates that its cash position is sufficient to fund its operations at least through the anticipated closing of the proposed Merger with Eos. However, the Company expects to incur significant costs in connection with the Merger and even if the Merger is ultimately not consummated, including legal and professional services costs related to filing registration statements with the SEC and obtaining shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company had $<span id="xdx_90F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20260630_z5rrDUuDfapd" title="Cash and cash equivalents">2.2</span> million in cash and cash equivalents, as well as $<span id="xdx_901_eus-gaap--RestrictedCash_iI_pn5n6_c20260630_z5cTiZCU4p9a" title="Restricted cash">0.7</span> million in restricted cash that would become unrestricted following consummation of the Merger or upon any termination of the Merger Agreement in accordance with its terms. Management believes that, given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these financial statements are issued without the closing of the Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zokF460tY5O6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zg1GMPp6xfl3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required 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, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_znr5O4huhyb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zenQ1z5EPadi">Concentrations of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--SignificantAccountingPolicyTextBlock_zEOjaPLDI2Xh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z4wrlkMQjVN4">Summary of Significant Accounting Policies</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s significant accounting policies are described in Note 2, <i>Summary of Significant Accounting Policies and Recent Accounting Standards</i>, in the Annual Report. Except for the following, during the six months ended June 30, 2026, the Company did not make any changes to its significant accounting policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><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-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_848_ecustom--ConvertiblePreferredStockPolicyTextBlock_zQ95SbmWYpYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zJ8Rdp5wPWmg">Convertible Preferred Stock</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies convertible preferred stock as permanent equity in the accompanying consolidated balance sheet, as no mandatory or contingent redemption features exist. Since dividends paid in-kind accrue whether or not declared by the board of directors, such dividends are accumulated to the carrying value of the convertible preferred stock, with a corresponding reduction to additional paid-in capital because the Company is in an accumulated deficit position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zLKUuShpexil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zJmsWdusLVq1">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2026, that had a material effect on its condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (“ASU 2026-01”). The guidance in ASU 2026-01 clarifies how issuers initially measure paid-in-kind (“PIK”) dividends on equity-classified preferred stock by requiring issuers to use the PIK dividend rate stated in the preferred stock agreement. ASU 2026-01 will be effective for the Company’s annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual periods, with early adoption permitted. Entities may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. The Company is currently evaluating the impact that adoption of ASU 2026-01 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements.</span></p> <p id="xdx_85F_zmRc7mweT452" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zX0y3HvHialk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_z3PRvzS5QG7c">Basis of Presentation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026, and amended on June 16, 2026 (the “Annual Report”).<br/> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The financial information as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, is unaudited. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The balance sheet data as of December 31, 2025, was derived from audited consolidated financial statements. The results of the Company’s operations for any interim periods are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--LiquidityandGoingConcernPolicyTextBlock_zuQS36VUdrHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zBdATrFhWphd">Liquidity and going concern</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. The Company’s future operations are highly dependent on the success of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company may seek other strategic alternatives or pursue a dissolution and liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company anticipates that its cash position is sufficient to fund its operations at least through the anticipated closing of the proposed Merger with Eos. However, the Company expects to incur significant costs in connection with the Merger and even if the Merger is ultimately not consummated, including legal and professional services costs related to filing registration statements with the SEC and obtaining shareholder approval.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, the Company had $<span id="xdx_90F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn5n6_c20260630_z5rrDUuDfapd" title="Cash and cash equivalents">2.2</span> million in cash and cash equivalents, as well as $<span id="xdx_901_eus-gaap--RestrictedCash_iI_pn5n6_c20260630_z5cTiZCU4p9a" title="Restricted cash">0.7</span> million in restricted cash that would become unrestricted following consummation of the Merger or upon any termination of the Merger Agreement in accordance with its terms. Management believes that, given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these financial statements are issued without the closing of the Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Company continue development of its product candidates, the Company would be subject to risks and uncertainties. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s success in developing its product candidates would depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2200000 700000 <p id="xdx_844_eus-gaap--UseOfEstimates_zokF460tY5O6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zg1GMPp6xfl3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management is required 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, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions, with any changes applied prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--ConcentrationRiskCreditRisk_znr5O4huhyb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zenQ1z5EPadi">Concentrations of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents is a financial instrument that potentially subjects the Company to concentrations of credit risk. For all periods presented, substantially all of the Company’s cash was deposited in accounts at a single financial institution that management believes is creditworthy, and the Company has not incurred any losses to date. The Company is exposed to credit risk in the event of default by this financial institution for amounts in excess of the Federal Deposit Insurance Corporation insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_ecustom--SignificantAccountingPolicyTextBlock_zEOjaPLDI2Xh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z4wrlkMQjVN4">Summary of Significant Accounting Policies</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s significant accounting policies are described in Note 2, <i>Summary of Significant Accounting Policies and Recent Accounting Standards</i>, in the Annual Report. Except for the following, during the six months ended June 30, 2026, the Company did not make any changes to its significant accounting policies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><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-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_848_ecustom--ConvertiblePreferredStockPolicyTextBlock_zQ95SbmWYpYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zJ8Rdp5wPWmg">Convertible Preferred Stock</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies convertible preferred stock as permanent equity in the accompanying consolidated balance sheet, as no mandatory or contingent redemption features exist. Since dividends paid in-kind accrue whether or not declared by the board of directors, such dividends are accumulated to the carrying value of the convertible preferred stock, with a corresponding reduction to additional paid-in capital because the Company is in an accumulated deficit position.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zLKUuShpexil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zJmsWdusLVq1">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2026, that had a material effect on its condensed consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (“ASU 2026-01”). The guidance in ASU 2026-01 clarifies how issuers initially measure paid-in-kind (“PIK”) dividends on equity-classified preferred stock by requiring issuers to use the PIK dividend rate stated in the preferred stock agreement. ASU 2026-01 will be effective for the Company’s annual reporting periods beginning after December 15, 2026, and for interim reporting periods within those annual periods, with early adoption permitted. Entities may apply the amendments on either a prospective basis or a modified retrospective basis for equity-classified preferred stock instruments that are outstanding as of the initial application date. The Company is currently evaluating the impact that adoption of ASU 2026-01 may have on its consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there are no other new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated financial statements.</span></p> <p id="xdx_807_ecustom--DisclosureOfPrepaidExpensesAndOtherCurrentAssetsTextBlock_zphZ9LhqXoK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3. <span><span id="xdx_829_zg8DUJQN9MC8">Prepaid Expenses and Other Current Assets</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zBIWFxeHgpj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8B4_zDP4q1ns0wX5" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zCW9Y9vQAj6c" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zgFMFFGlx9nc" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAzMg1_zspVvdWinIug" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAzMg1_zTcfn1Z0Oji4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Software and hosting costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzMg1_zKAfOgSfRau" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">139</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzMg1_zc4EB0MrREQh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">371</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">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zXxiWT57Eeul" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zBIWFxeHgpj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses and other current assets consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8B4_zDP4q1ns0wX5" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20260630_zCW9Y9vQAj6c" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zgFMFFGlx9nc" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PrepaidInsurance_iI_pn3n3_maPEAOAzMg1_zspVvdWinIug" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">226</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">3</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--PrepaidSoftwareAndHostingCosts_iI_pn3n3_maPEAOAzMg1_zTcfn1Z0Oji4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Software and hosting costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_maPEAOAzMg1_zKAfOgSfRau" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">139</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzMg1_zc4EB0MrREQh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">371</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">41</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 226000 3000 6000 4000 139000 34000 371000 41000 <p id="xdx_80C_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_z1ajnQmrth4a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4. <span id="xdx_822_ztcevDgAfxpi">Accrued Expenses and Other Current Liabilities</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zl1oph6M1yBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8BE_zilvA77149B3" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260630_zNnYaaDiUO3j" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_ztp8BxSNZIZ1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_z7HtNGy95Bu" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Legal and patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">90</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">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zI8IyWlh6QP" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wages and incentives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedExchangeFeeRebateCurrentAndNoncurrent_iI_pn3n3_maALCzWj2_zsMi47fI20y3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued Merger-related accounting fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35</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: xdx2ixbrl1494">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zXcCwmZTCN15" style="vertical-align: bottom; background-color: White"> <td style="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">9</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">14</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zej3O7fBSFY2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</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">160</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">57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_z4jrOj3x2ui2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zl1oph6M1yBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8BE_zilvA77149B3" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20260630_zNnYaaDiUO3j" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>June 30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2026</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20251231_ztp8BxSNZIZ1" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eus-gaap--AccruedProfessionalFeesCurrent_iI_pn3n3_maALCzWj2_z7HtNGy95Bu" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Legal and patents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">90</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">2</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zI8IyWlh6QP" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Wages and incentives</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">26</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedExchangeFeeRebateCurrentAndNoncurrent_iI_pn3n3_maALCzWj2_zsMi47fI20y3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued Merger-related accounting fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">35</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: xdx2ixbrl1494">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCzWj2_zXcCwmZTCN15" style="vertical-align: bottom; background-color: White"> <td style="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">9</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">14</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iTI_pn3n3_mtALCzWj2_zej3O7fBSFY2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total accrued expenses and other current liabilities</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">160</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">57</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 90000 2000 26000 41000 35000 9000 14000 160000 57000 <p id="xdx_80B_eus-gaap--PreferredStockTextBlock_zIPFUJBmMPjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5. <span id="xdx_82F_zYTR2mpIVgN2">Preferred Stock</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s amended and restated certificate of incorporation (the “Articles”) provides for a class of authorized stock known as preferred stock, consisting of <span id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260630_zWW4tSQUnrx4" title="Preferred stock, shares authorized">500,000</span> shares, $<span id="xdx_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260630_z5ewtYCPFqtf" title="Preferred stock, par value">0.0001</span> par value per share, issuable from time to time in one or more series.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company previously designated <span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zIOP6ozAKEci" title="Preferred stock, shares authorized"><span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertiblePreferredStockMember_zcgtYyv0xBqi" title="Preferred stock, shares authorized">6,746</span></span> shares as Series A Convertible Preferred Stock, <span id="xdx_90E_eus-gaap--PreferredStockSharesIssued_iI_pid_dn_c20260630_zkFzNN9A87Fb" title="Preferred stock, shares issued"><span id="xdx_901_eus-gaap--PreferredStockSharesOutstanding_iI_pid_dn_c20260630_zzuvQVwrtwV8" title="Preferred stock, shares outstanding"><span id="xdx_902_eus-gaap--PreferredStockSharesIssued_iI_pid_dn_c20251231_zKwndU9OFB7k" title="Preferred stock, shares issued"><span id="xdx_90E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_dn_c20251231_z2b41mLy0PJ5" title="Preferred stock, shares outstanding">none</span></span></span></span> of which remain issued and outstanding as of June 30, 2026 or December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, the Company designated <span id="xdx_90C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zfgzDIuGjMhd" title="Preferred stock, shares authorized">1,100</span> shares of Series B Convertible Preferred Stock, par value of $<span id="xdx_90F_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zKfkeWSTTKGi" title="Preferred stock, par value">0.0001</span> and stated value equal to $<span id="xdx_90F_eus-gaap--PreferredStockValue_iI_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_ztlgIvPTbcUk" title="Preferred stock, value">1,000</span> (the “Series B Convertible Preferred Stock”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the entry into the Merger Agreement, Pulmatrix entered into a Securities Purchase Agreement (the “Purchase Agreement”), dated as of March 26, 2026, with an affiliate of Eos (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer in a private placement an aggregate of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zc2vc1kKeXj2" title="Number of shares issued">1,000</span> shares of Series B Convertible Preferred Stock for aggregate gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfConvertiblePreferredStock_pn5n6_c20260101__20260331__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zjrvfZnGf3F6" title="Gross proceeds">1.0</span> million, which the Company received during the three months ended March 31, 2026. The Company delivered the shares of Series B Convertible Preferred Stock to the Buyer on April 16, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following paragraph summarizes the terms of the Series B Convertible Preferred Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Conversion Price: </i>The Series B Convertible Preferred Stock is convertible into the shares of Pulmatrix common stock at an initial conversion price of $<span id="xdx_903_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zd4il0ghJaui" title="Conversion price">2.20</span> per share (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like (subject to certain exceptions). Each conversion of Series B Convertible Preferred Stock is subject to certain beneficial ownership limitations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Optional conversion: </i>Each share of Series B Convertible Preferred Stock is convertible at any time after the date that is 90 days following the initial date of issuance (the “Original Issuance Date”) at the election of the holder.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Automatic conversion:</i> Effective as of 5:00 p.m. Eastern time on the fifth business day after the date that is the earlier of (i) the one-year anniversary from the Original Issuance Date (ii) the closing date of the Merger, each share of Series B Convertible Preferred Stock then outstanding shall automatically convert into shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cumulative dividends: </i>Holders of Series B Convertible Preferred Stock are entitled to receive cumulative dividends at eight percent (<span id="xdx_904_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20260101__20260630__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zTNiHF6qephh" title="Dividend percentage">8.0</span>%) per annum, payable on each conversion date (with respect only to Series B Convertible Preferred Stock being converted) in duly authorized, validly issued, fully paid and non-assessable shares of common stock at the Conversion Price then in effect. The dividends accrue daily commencing on the issuance date, April 16, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting rights:</i> Holders of Series B Convertible Preferred Stock are entitled to vote upon, in the same manner and with the same effect as the holders of the Company’s common stock, voting together with the holders of the Company’s common stock as a single class. Each share of Series B Convertible Preferred Stock entitles the holder thereof to cast that number of votes per share of Series B Convertible Preferred Stock as is equal to the stated value of the Series B Convertible Preferred Stock, divided by the Conversion Price, and subject to adjustments for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Purchase Agreement, the Company and the Buyer entered into a voting agreement, pursuant to which the Buyer has agreed to vote in favor of matters as related to the proposed Merger at any annual or special meeting and other matters of which the Company’s board of directors has recommended the stockholders to vote in favor.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the classification of the Series B Convertible Preferred Stock and determined equity classification was appropriate due to no mandatory or contingent redemption features. The carrying value of the preferred stock is reported net of $<span id="xdx_90F_eus-gaap--DeferredFinanceCostsNet_iI_pn3n3_c20260630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zinIDLfkbpX7" title="Issuance costs">50</span> thousand of issuance costs incurred by the Company in connection with the Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From April 16, 2026, the issuance date, through June 30, 2026, the Company accrued cumulative dividends of approximately $<span id="xdx_90F_eus-gaap--DeferredFinanceCostsNoncurrentGross_iI_pn3n3_c20260630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zkydj3uj1V79" title="Carrying value of preferred stock">16</span> thousand, included in the carrying value of preferred stock on the accompanying balance sheet as of June 30, 2026, with a corresponding reduction to additional paid-in capital. The accrued dividends would convert into approximately 7 thousand shares of common stock, as converted based on the Conversion Price as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><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 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Purchase Agreement, prior to the date of the consummation of the Merger, the Company shall be permitted to use up to $<span id="xdx_90F_ecustom--ProceedsForWorkingCapital_pn3n3_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zVfoRnonBE61" title="Proceeds for working capital">250</span> thousand of the net proceeds for working capital and other general corporate purposes and shall not use the remainder of the net proceeds, subject to certain exceptions. From and after the date of the consummation of the Merger, or upon any termination of the Merger Agreement in accordance with its terms, these restrictions no longer apply. Accordingly, the Company reported $<span id="xdx_90B_eus-gaap--ProceedsFromSaleOfRestrictedInvestments_pn3n3_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zyTmJjImVCGh" title="Proceeds from restricted cash">700</span> thousand of the net proceeds as restricted cash on the accompanying balance sheet as of June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 500000 0.0001 6746 6746 0 0 0 0 1100 0.0001 1000 1000 1000000.0 2.20 0.080 50000 16000 250000 700000 <p id="xdx_802_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zS7PhZoI6416" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6. <span id="xdx_82E_znj6NFB21CLi">Common Stock</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In May 2021, the Company entered into an At-The-Market Sales Agreement (the “Sales Agreement”) with H.C. Wainwright and Co., LLC (“HCW”) to act as the Company’s sales agent with respect to the issuance and sale of up to $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zNsK7rO3McAa" title="Sale of stock, consideration received on transaction">20.0 </span>million of the Company’s shares of common stock, from time to time in an at-the-market public offering (the “ATM Offering”). Upon filing of the Annual Report, the Company continued to be subject to General Instruction I.B.6 of Form S-3, pursuant to which in no event will <span id="xdx_900_eus-gaap--SaleOfStockDescriptionOfTransaction_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_z3RwvPiMr0x7" title="Description of stock transaction">the Company sell its common stock in a registered primary offering using Form S-3 with a value exceeding more than one-third of its public float in any 12 calendar month period so long as its public float remains below $<span id="xdx_900_ecustom--EntitiesPublicFloat_iI_pp0p0_c20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__srt--RangeAxis__srt--MaximumMember_zQdiH30qu4L1" title="Public float">75,000,000</span>. Therefore, the amount that may be able to be raised using the ATM Offering will be significantly less than $<span id="xdx_908_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--ATMOfferingMember__srt--RangeAxis__srt--MaximumMember_zPzYIJ0pBjUg" title="Sale of stock, consideration received on transaction">20,000,000</span>, until such time as the Company’s public float held by non-affiliates exceeds $75,000,000.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales of common stock under the Sales Agreement are made pursuant to an effective shelf registration statement on Form S-3, which was filed with the SEC on May 17, 2024, and subsequently declared effective on May 30, 2024 (File No. 333-279491), and a related prospectus. HCW acts as the Company’s sales agent on a commercially reasonable efforts basis, consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Capital Market. If expressly authorized by the Company, HCW may also sell the Company’s common stock in privately negotiated transactions. There is no specific date on which the ATM Offering will end, there are no minimum sale requirements and there are no arrangements to place any of the proceeds of the ATM Offering in an escrow, trust or similar account. HCW is entitled to compensation at a fixed commission rate of <span id="xdx_905_ecustom--CommissionPercentage_pid_dp_uPure_c20210501__20210531__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zB1H5vIFruc5" title="Commission percentage">3.0</span>% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, and 2025, <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20260101__20260630__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zH7SeMxQw8m" title="Number of shares issued in transaction"><span id="xdx_90C_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_do_uShares_c20250101__20250630__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--TypeOfArrangementAxis__custom--SaleAgreementMember_zas0wMkzOhC8" title="Number of shares issued in transaction">no</span></span> shares of the Company’s common stock were sold under the Sales Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 20000000.0 the Company sell its common stock in a registered primary offering using Form S-3 with a value exceeding more than one-third of its public float in any 12 calendar month period so long as its public float remains below $75,000,000. Therefore, the amount that may be able to be raised using the ATM Offering will be significantly less than $20,000,000, until such time as the Company’s public float held by non-affiliates exceeds $75,000,000. 75000000 20000000 0.030 0 0 <p id="xdx_808_ecustom--DisclosureOfWarrantsTextBlock_z4ovlL03Cvu9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7. <span id="xdx_82D_zHApmIDtP0C8">Warrants</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no warrants issued or exercised during the six months ended June 30, 2026. During the six months ended June 30, 2026, warrants to purchase up to <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20260630_zB8Wm4GUUpDf" title="Warrants outstanding">65,003</span> shares of common stock at a weighted-average exercise price of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260630_z8MGCEvRF92l" title="Weighted-average exercise price">49.99</span> per share expired. The following represents a summary of the warrants outstanding and exercisable at June 30, 2026, all of which are equity-classified:</span></p> <p id="xdx_89D_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zAYtNeo9tLG8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8BC_zr50aixtFZf8" style="display: none">Schedule of Warrants Outstanding and Exercisable</span></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; text-align: center">Issue 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">Adjusted <br/> Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration 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 Shares <br/> Underlying Warrants</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: 29%"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20260101__20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zS7P0uBZr6xd" title="Warrants, Issue Date">December 17, 2021</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zpjvwoudeDkl" style="width: 16%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_z0sfpE1J2eQ9" title="Warrants, Expiration Date">December 15, 2026</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zTWZ3BOCZ0r2" style="width: 16%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20260101__20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zgouPbiLf942" title="Warrants, Issue Date">December 17, 2021</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zrKQILnjoLtg" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zqDhXtYi0egf" title="Warrants, Expiration Date">December 17, 2026</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zupgmdZeNWWf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares underlying exercisable warrants">281,047</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">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="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 id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_za1Vm03ue0p" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">317,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zn4CpSyErUel" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 65003 49.99 <p id="xdx_89D_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zAYtNeo9tLG8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8BC_zr50aixtFZf8" style="display: none">Schedule of Warrants Outstanding and Exercisable</span></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; text-align: center">Issue 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">Adjusted <br/> Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration 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 Shares <br/> Underlying Warrants</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: 29%"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20260101__20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zS7P0uBZr6xd" title="Warrants, Issue Date">December 17, 2021</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zpjvwoudeDkl" style="width: 16%; text-align: right" title="Warrants, Adjusted Exercise Price">14.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 29%; text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_z0sfpE1J2eQ9" title="Warrants, Expiration Date">December 15, 2026</span></td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantOneMember_zTWZ3BOCZ0r2" style="width: 16%; text-align: right" title="Number of shares underlying exercisable warrants">36,538</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span id="xdx_90C_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_c20260101__20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zgouPbiLf942" title="Warrants, Issue Date">December 17, 2021</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zrKQILnjoLtg" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants, Adjusted Exercise Price">13.99</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: right; padding-bottom: 1pt"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_c20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zqDhXtYi0egf" title="Warrants, Expiration Date">December 17, 2026</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__custom--WarrantTwoMember_zupgmdZeNWWf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares underlying exercisable warrants">281,047</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">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="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 id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--WarrantMember_za1Vm03ue0p" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Underlying Warrants">317,585</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2021-12-17 14.99 2026-12-15 36538 2021-12-17 13.99 2026-12-17 281047 317585 <p id="xdx_80A_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_z9iVP9HyPVI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8. <span id="xdx_824_zmgqbqihcs61">Stock-based Compensation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company sponsored the Pulmatrix, Inc. Amended and Restated 2013 Employee, Director and Consultant Equity Incentive Plan (the “Incentive Plan”), which expired on June 10, 2025. No new awards may be made under the Incentive Plan after its expiration date. Awards issued under the Incentive Plan prior to its expiration remain outstanding in accordance with their terms.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zOaAHGDgTmf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No stock options were granted or exercised during the six months ended June 30, 2026. The following table summarizes stock option activity for the six months ended June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_8BF_zErKEOOeiDX5" style="display: none">Schedule of Stock Option Activity</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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="vertical-align: bottom"> <td style="text-align: center"> </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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual Term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding — January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zcxzN6QydD1g" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">33,858</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zIEDex7JVLr4" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</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"> </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_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjcPkt2eX3a3" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1592">-</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited, cancelled and expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zFnF1J5qRizc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">(1,569</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zELJlrD98dug" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">48.53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">          </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding — June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjTXzA2O8PX4" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">32,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zfaOg63c9IJi" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">16.17</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"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zJljofHvb9b4" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.29</span></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">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLQn2igKC6Uh" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1604">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z2zw1zRR3qq2" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbDCruUxu091" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">16.73</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"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zx5IdRuzPmMi" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.23</span></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_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z3jeCWcoLKCc" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1612">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zE6g92Fa9hJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records stock-based compensation expense related to stock options based on their grant-date fair value. As of June 30, 2026, there was an immaterial amount of unrecognized stock-based compensation expense related to unvested stock options granted under the Incentive Plan. The Company recognized stock-based compensation expense, all classified within general and administrative expense, of $<span id="xdx_901_eus-gaap--ShareBasedCompensation_pn3n3_c20260401__20260630_zsd7aALkhP4e" title="Stock-based compensation expense">2</span> thousand and $<span id="xdx_90B_eus-gaap--ShareBasedCompensation_pn3n3_c20250401__20250630_zfOepsV123ja" title="Stock-based compensation expense">6 </span>thousand during the three months ended June 30, 2026 and 2025, respectively, and $<span id="xdx_90E_eus-gaap--ShareBasedCompensation_pn3n3_c20260101__20260630_zmOweAXaAkN5" title="Stock-based compensation expense">5</span> thousand and $<span id="xdx_90E_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20250630_zEum4oIIvSNk" title="Stock-based compensation expense">14</span> thousand during the six months ended June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zOaAHGDgTmf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No stock options were granted or exercised during the six months ended June 30, 2026. The following table summarizes stock option activity for the six months ended June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_8BF_zErKEOOeiDX5" style="display: none">Schedule of Stock Option Activity</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </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="vertical-align: bottom"> <td style="text-align: center"> </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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual Term</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Years)</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 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding — January 1, 2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zcxzN6QydD1g" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance">33,858</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zIEDex7JVLr4" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">17.67</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"> </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_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjcPkt2eX3a3" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1592">-</span></span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Forfeited, cancelled and expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zFnF1J5qRizc" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired">(1,569</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zELJlrD98dug" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired">48.53</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">          </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding — June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zjTXzA2O8PX4" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">32,289</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zfaOg63c9IJi" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">16.17</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"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zJljofHvb9b4" title="Weighted Average Remaining Contractual Term (Years), Outstanding">5.29</span></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">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLQn2igKC6Uh" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1604">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable — June 30, 2026</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z2zw1zRR3qq2" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Exercisable">30,858</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbDCruUxu091" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">16.73</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"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zx5IdRuzPmMi" title="Weighted Average Remaining Contractual Term (Years), Exercisable">5.23</span></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_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20260101__20260630__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z3jeCWcoLKCc" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1612">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 33858 17.67 1569 48.53 32289 16.17 P5Y3M14D 30858 16.73 P5Y2M23D 2000 6000 5000 14000 <p id="xdx_804_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zFTNQdnqgmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9. <span id="xdx_823_z6lRS4RM1D69">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development Activities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has contracted with various other organizations to conduct research and development activities, including clinical trials. The scope of the services under contracts for research and development activities may be modified and the contracts, subject to certain conditions, may generally be cancelled by the Company upon written notice. In some instances, the contracts, subject to certain conditions, may be cancelled by the third party. As of June 30, 2026, the Company had no material noncancellable commitments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Legal Proceedings</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_808_eus-gaap--IncomeTaxDisclosureTextBlock_zWPDdMb967Gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10. <span id="xdx_828_zIRabMhTZ3nf">Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had no income tax expense for the six months ended June 30, 2026, and 2025 due to operating losses incurred since inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management of the Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets and determined that it is more likely than not that the Company will not recognize the benefits of the deferred tax assets. As a result, a full valuation allowance was recorded as of June 30, 2026, and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company applies FASB Accounting Standards Codification 740, <i>Income Taxes</i>, for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. Unrecognized tax benefits represent tax positions for which reserves have been established. A full valuation allowance has been provided against the Company’s deferred tax assets, so that the effect of the unrecognized tax benefits is to reduce the gross amount of the deferred tax assets and the corresponding valuation allowance. The Company has no material uncertain tax positions as of June 30, 2026, and December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80B_eus-gaap--EarningsPerShareTextBlock_zVY8QYjG5AHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11. <span id="xdx_821_zH08hi1xku83">Net Loss Per Share</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share are computed using the two-class method, which is an earnings allocation method that determines earnings (loss) per share for common and participating securities, which include the Series B Convertible Preferred Stock and certain warrants. Undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. In periods of loss, no allocation is made to the participating securities. The Company adjusts net loss attributable to common stockholders for dividends accrued on convertible preferred stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic loss per share is then calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number common shares outstanding during the period, after taking into consideration any potentially dilutive effects from outstanding convertible instruments, stock options or warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net loss per share were the same for the three and six months ended June 30, 2026, and 2025, as the effect of potentially dilutive securities would have been anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an anti-dilutive impact.</span></p> <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zKUPapxmKqB9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8BC_zxzeHqawiBKe" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></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> </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 and Six Months Ended 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="width: 60%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zFRbHoIZfWQ5" title="Options to purchase common stock">32,289</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_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_z7EfgxJZAQGe" title="Options to purchase common stock">33,858</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred stock and accrued dividends convertible into common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreferredStockAndAccruedDividendsConvertibleIntoCommonStockMember_z2bJNSBMNvG4" title="Options to purchase common stock">461,819</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreferredStockAndAccruedDividendsConvertibleIntoCommonStockMember_zCsgn0xp5sr4" title="Options to purchase common stock"><span style="-sec-ix-hidden: xdx2ixbrl1636">-</span></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; padding-bottom: 1pt">Warrants to purchase common stock</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_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_z38Y3vF6JUrb" title="Warrants to purchase common stock">317,585</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_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zr7ozo4xNYse" title="Warrants to purchase common stock">918,418</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total potentially dilutive securities excluded</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_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630_zMVnrQ9OnzO4" title="Weighted average shares outstanding">811,693</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--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630_zON7HpdPiVOf" title="Weighted average shares outstanding">952,276</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zYWnmT7zNZDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zKUPapxmKqB9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 id="xdx_8BC_zxzeHqawiBKe" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></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> </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 and Six Months Ended 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="width: 60%; text-align: left">Options to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_907_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_zFRbHoIZfWQ5" title="Options to purchase common stock">32,289</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_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--OptionsToPurchaseCommonStockMember_z7EfgxJZAQGe" title="Options to purchase common stock">33,858</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred stock and accrued dividends convertible into common stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreferredStockAndAccruedDividendsConvertibleIntoCommonStockMember_z2bJNSBMNvG4" title="Options to purchase common stock">461,819</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PreferredStockAndAccruedDividendsConvertibleIntoCommonStockMember_zCsgn0xp5sr4" title="Options to purchase common stock"><span style="-sec-ix-hidden: xdx2ixbrl1636">-</span></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; padding-bottom: 1pt">Warrants to purchase common stock</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_904_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_z38Y3vF6JUrb" title="Warrants to purchase common stock">317,585</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_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--WarrantsToPurchaseCommonStockMember_zr7ozo4xNYse" title="Warrants to purchase common stock">918,418</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total potentially dilutive securities excluded</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_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630_zMVnrQ9OnzO4" title="Weighted average shares outstanding">811,693</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--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630_zON7HpdPiVOf" title="Weighted average shares outstanding">952,276</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 32289 33858 461819 317585 918418 811693 952276 <p id="xdx_804_eus-gaap--SegmentReportingDisclosureTextBlock_z6Sk0y848Lba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12. <span id="xdx_82D_zwvlMdMfS16c">Segment Reporting</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in a single reportable segment. The accounting policies of the segment are the same as those applicable to the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses net loss to assess financial performance of the Company and allocate resources, in addition to operating forecasts and clinical results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s significant segment expenses and other segment items and net loss are each presented separately on the Company’s consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80C_eus-gaap--SubsequentEventsTextBlock_z4AqkSIM67Xl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13. <span id="xdx_82C_z2KhDPbESGPf">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has completed an evaluation of all subsequent events after the balance sheet date of June 30, 2026, through the date the condensed consolidated financial statements were issued to ensure that the condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of June 30, 2026, and events which occurred subsequently but were not recognized in the condensed consolidated financial statements. The Company has determined that no events requiring recognition or disclosure exist other than those already disclosed herein.</span></p> 18000 18000 0.00001 0.00001 2000000 2000000 0 0 0 0 0.00001 0.00001 10000000 10000000 4000000 4000000 4000000 4000000 40 40 0.00001 0.00001 1000000 1000000 1000000 1000000 1000000 1000000 10 10 10 10 311865 76845 -329915 -76895 -18000 35225 8970 217795 67925 253020 76895 253020 76895 -253020 -76895 -0.05 -0.05 -0.07 -0.07 5000000 5000000 1068493 1068493 4000000 40 -40 1000000 10 -10 10 10 76885 76885 -76895 -76895 4000000 40 1000000 10 76845 -76895 345 345 234675 234675 -253020 -253020 4000000 40 1000000 10 311865 -329915 -18000 -253020 -76895 234675 76885 345 10 18000 <p id="xdx_801_eus-gaap--NatureOfOperations_znteDmE5ArFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82A_zARqW0rjnBTj" style="display: none">Nature of the Business and Basis of Presentation</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NATURE OF THE BUSINESS AND BASIS OF PRESENTATION</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eos SENOLYTIX, Inc. (the “Company” or “Eos” or “We”) was incorporated in the State of Delaware on October 15, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">Eos is a biotechnology company focused on developing novel and differentiated gerotherapeutic peptide medicines that target the underlying biological mechanisms of aging. Eos’s lead clinical candidates, PTC-2105 and PTC-2107, are powered by the Company’s proprietary MitoXcel™ Technology, a platform designed to precisely target the universal decline in the mitochondrial membrane potential (MMP), also called the “Δψm” that occurs across all cells as they age. Both proprietary geropeptides have demonstrated the ability to rejuvenate naturally aged mice via two separate mechanisms, both via a single, aging-specific target. These two mechanisms include (1) the return of the efficiency of mitochondrial function in aging cells almost immediately back to their younger, more efficient phenotype, and (2) the profound elimination of senescent cells throughout every organ in the body, including the brain, reducing their negative systemic inflammatory effects. Extensive preclinical studies suggest the MitoXcel™ platform may be a broad gerotherapeutic that improves body composition, increasing lean muscle mass, and enhancing physical function in aging animals. By targeting fundamental processes driving aging and aging-related diseases, the Company is pursuing a unique therapeutic opportunity to intervene in the aging process in ways that were once thought impossible.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">The Company’s principal office is located in Houston, Texas.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and clinical development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.1in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify; text-indent: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zapz2Tqvj38h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_82A_zLf9C7ObADx9">Summary of Significant Accounting Policies and Recent Accounting Standards</span></span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zjpyb0v4NhL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span><span><span id="xdx_86A_zoUms75nQIPi">Use of Estimates</span></span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_zDLS3GA5hzo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_z6LAySLQHqu">Income Taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zyTDg1OFLPFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Stock-based Payments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span> </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86C_zByUQtYDb9ml">Stock-based Compensation</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based compensation under the provisions of FASB ASC 718, <i>Compensation—Stock Compensation,</i> which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, <i>Compensation – Stock Compensation (Topic 718</i> share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_849_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zh5a2SvLEeek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zkAIiMpzU0Tg">Product Development Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 730, research and development costs are expensed when incurred. Product development costs, which are included in research and development expense, were $<span id="xdx_90D_eus-gaap--ResearchAndDevelopmentExpense_c20250101__20251231_zsSrMe2xLnxc" title="Research and development expense">35,225</span> and $<span id="xdx_90F_eus-gaap--ResearchAndDevelopmentExpense_c20241015__20241231_z71Up4iLvWq9" title="Research and development expense">8,970</span> for each of the years ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zFvGEM2LaExl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Loss Per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span> </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_861_zzDaW5yoqnT3">Basic and Diluted Net Loss Per Share</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC 260 when reporting earnings (loss) per share, which requires presentation of basic and diluted earnings (loss) per share. Because the Company reported a net loss for each of the periods ended December 31, 2025 and 2024, <span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20251231_zpn0meJDvaPi" title="Number of Options, Outstanding, Balance">683,990</span> and <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20241015__20241231_zTSLG5Hleywg" title="Number of Options, Outstanding, Balance">137,815</span> stock options were excluded from diluted loss per share because their effect would have been anti-dilutive; therefore, the amounts reported for basic and diluted loss per share were the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zb6PgEc1uid1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zIF9W8f5iVp4">Segment Reporting</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company manages its operations as a single operating segment and one reportable segment for the purposes of assessing performance and making operating decisions and thus reports as a single reportable segment. The Company’s focus is on developing its MitoXcel Technology platform with emphasis on PTC-2105 and PTC-2107.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z7sOSDEOtjPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently Adopted Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span> </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86E_zNl2RAJFjx4l">Recent Accounting Pronouncements</span><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis, and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the reporting period ended December 31, 2024. There was no impact on the Company’s financial statements as the Company operates as a single operating segment and one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as expanded disclosures on income taxes paid by jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance for the reporting period ended December 31, 2024. The adoption of ASU 2023-09 had no impact on the Company’s financial position, results of operations or cash flows, other than additional required disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zqcS0jWzrx6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zHoiwHmG7jQ2">Recently Issued Accounting Pronouncements Not Yet Adopted</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures. The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_85D_z3mLb3SBm7l9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_zjpyb0v4NhL8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span><span><span id="xdx_86A_zoUms75nQIPi">Use of Estimates</span></span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_zDLS3GA5hzo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_z6LAySLQHqu">Income Taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zyTDg1OFLPFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Stock-based Payments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span> </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86C_zByUQtYDb9ml">Stock-based Compensation</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based compensation under the provisions of FASB ASC 718, <i>Compensation—Stock Compensation,</i> which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, <i>Compensation – Stock Compensation (Topic 718</i> share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_849_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zh5a2SvLEeek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zkAIiMpzU0Tg">Product Development Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 730, research and development costs are expensed when incurred. Product development costs, which are included in research and development expense, were $<span id="xdx_90D_eus-gaap--ResearchAndDevelopmentExpense_c20250101__20251231_zsSrMe2xLnxc" title="Research and development expense">35,225</span> and $<span id="xdx_90F_eus-gaap--ResearchAndDevelopmentExpense_c20241015__20241231_z71Up4iLvWq9" title="Research and development expense">8,970</span> for each of the years ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 35225 8970 <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zFvGEM2LaExl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span>Loss Per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span> </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_861_zzDaW5yoqnT3">Basic and Diluted Net Loss Per Share</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC 260 when reporting earnings (loss) per share, which requires presentation of basic and diluted earnings (loss) per share. Because the Company reported a net loss for each of the periods ended December 31, 2025 and 2024, <span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20251231_zpn0meJDvaPi" title="Number of Options, Outstanding, Balance">683,990</span> and <span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20241015__20241231_zTSLG5Hleywg" title="Number of Options, Outstanding, Balance">137,815</span> stock options were excluded from diluted loss per share because their effect would have been anti-dilutive; therefore, the amounts reported for basic and diluted loss per share were the same.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 683990 137815 <p id="xdx_84F_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zb6PgEc1uid1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zIF9W8f5iVp4">Segment Reporting</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company manages its operations as a single operating segment and one reportable segment for the purposes of assessing performance and making operating decisions and thus reports as a single reportable segment. The Company’s focus is on developing its MitoXcel Technology platform with emphasis on PTC-2105 and PTC-2107.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z7sOSDEOtjPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently Adopted Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span> </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_86E_zNl2RAJFjx4l">Recent Accounting Pronouncements</span><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose significant segment expenses and other segment items on an interim and annual basis, and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative threshold to determine its reportable segments. The new disclosure requirements are also applicable to entities that account and report as a single operating segment entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance for the reporting period ended December 31, 2024. There was no impact on the Company’s financial statements as the Company operates as a single operating segment and one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as expanded disclosures on income taxes paid by jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted the guidance for the reporting period ended December 31, 2024. The adoption of ASU 2023-09 had no impact on the Company’s financial position, results of operations or cash flows, other than additional required disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zqcS0jWzrx6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zHoiwHmG7jQ2">Recently Issued Accounting Pronouncements Not Yet Adopted</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures. The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_809_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_z91V3DiFFA99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82C_zDggflNMCGme">Going Concern</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>GOING CONCERN</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and negative cash flow from operations since inception and has limited liquidity, with a cash balance of zero as of December 31, 2025. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these financial statements are issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since inception, the Company has focused on developing and implementing its business plan. The Company believes that its existing cash resources will not be sufficient to sustain operations for one year after the date that these financial statements are issued. The Company currently needs to obtain financing through the sale of debt and/or equity securities in order to sustain its operations. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of May 6, 2026, the Company has a cash position of approximately $<span id="xdx_90D_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20251231_z76TjSkSH1Rb">1.7</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million. Based upon the current cash position and the Company’s planned expense run rate, management believes the Company has funds currently to finance its operations into June 2026 which is less than one year after the date these financial statements are issued. The 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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1700000 <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zkuGAUzO3LNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_822_z2uNhv0D7PYj">Common Stock</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>COMMON STOCK</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 15, 2024, the Company filed its certificate of incorporation, which authorized the Company to issue up to <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zZAxun4UEWc1" title="Common stock, shares authorized">6,000,000</span> shares of Class A common stock, $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTfH4FLVgokc" title="Common stock, par value">0.00001</span> par value per share, <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zIvklNdafbh2" title="Common stock, shares authorized">1,000,000</span> shares of Class B common stock, $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2Eagr18ios5" title="Common stock, par or atated value per share">0.00001</span> par value per share and <span id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_c20241015_zbYQiuZCVtBi" title="Preferred stock, shares authorized">1,000</span> shares of preferred stock, $<span id="xdx_904_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20241015_zNHApkbpi2U4" title="Preferred stock, par or atated value per share">0.00001</span> par value per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><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 0pt 0pt 0; text-indent: 0.25in"><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 0pt 0pt 0; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 and 2024, there were <span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zUAlcTn0mBV5" title="Common Stock, Shares, Issued"><span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zibvxieyr67f" title="Common Stock, Shares, Outstanding"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEilsSzDhFZ4" title="Common Stock, Shares, Issued"><span id="xdx_90F_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zLEUoQuKG6xi" title="Common Stock, Shares, Outstanding">4,000,000</span></span></span></span> shares of Class A common stock issued and outstanding and <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z2WgzUrayBl7" title="Common stock, shares issued"><span id="xdx_902_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zKgIdYc54CYl" title="Common stock, shares issued"><span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zgyOQWnOK40c" title="Common stock, shares outstanding"><span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zb21tvikusrg" title="Common stock, shares outstanding">1,000,000</span></span></span></span> shares of Class B common stock issued and outstanding. As of December 31, 2025 and 2024 there were <span id="xdx_90F_eus-gaap--PreferredStockSharesIssued_iI_do_c20251231_zFVJTn3lZx5l" title="Preferred stock, shares issued"><span id="xdx_904_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20251231_zZ6gPRimQiae" title="Preferred stock, shares outstanding"><span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_do_c20241231_zfb3em6Xz9kg" title="Preferred stock, shares issued"><span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20241231_zZ2FX11zBQ7k" title="Preferred stock, shares outstanding">no</span></span></span></span> shares of preferred stock issued or outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--CommonStockVotingRights_c20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zt8rrQWaxu81" title="Common stock description">Each share of Class A common stock entitles the holder to one vote per share</span>. <span id="xdx_90B_eus-gaap--CommonStockVotingRights_c20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zXgf3ANGzoWf" title="Common stock description">Each share of Class B common stock entitles the holder to ten votes per share</span>. Voting is the only economic or non-economic difference between Class A and Class B common stock. Each share of preferred stock would have the same voting rights as the Class A common stock. Common stockholders are entitled to receive dividends, when and if declared by the Company’s Board of Directors, subject to the preferential dividend rights of the holders of the Company’s preferred stock. As of December 31, 2025 and 2024, no cash dividends have been declared or paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Class B common stock is automatically convertible into Class A common stock upon the election of the holder or in the event of a non-permitted transfer. Unless permitted or in connection with a merger, consolidation, or other business combination with a third-party purchaser, stockholders will not, directly or indirectly, voluntarily or involuntarily, transfer any of their shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The definition of “transfer” means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option, or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation, or similar disposition of, any common stock or preferred stock owned by a person or any interest (including a beneficial interest) in any common stock or preferred stock owned by a person. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 6000000 0.00001 1000000 0.00001 1000 0.00001 4000000 4000000 4000000 4000000 1000000 1000000 1000000 1000000 0 0 0 0 Each share of Class A common stock entitles the holder to one vote per share Each share of Class B common stock entitles the holder to ten votes per share <p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zsPeZ2kztpva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_828_zAXTfEiGfrSd">Stock-based Compensation</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>STOCK OPTIONS AND WARRANTS</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024 Equity Incentive Plan</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 15, 2024, the Company’s Board of Directors (the “Board of Directors”), adopted and the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units. The total number of securities reserved for issuance under the 2024 Plan is <span id="xdx_908_ecustom--CommonStockCapitalSharesReserved_iI_c20241015__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_z9ZNMYuS5eE3" title="Total number of securities reserved for issuance">882,353</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2024 Plan is administered by a committee consisting of one or more members of the Board of Directors (the “Committee”). In the absence of a committee, the Board of Directors will act as the Committee. The exercise prices, vesting periods and other restrictions are determined at the discretion of the Committee, except that the exercise price per share of options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2024 Plan expire 10 years after the grant date, unless the Board of Directors sets a shorter term. Awards granted to employees, officers, members of the Board of Directors and consultants typically vest upon achieving certain milestones or over a period of one to four years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the periods ended December 31, 2025 and December 31, 2024, the Company granted to employees, directors and consultants options to purchase <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zm2L1QvW0eF1" title="Purchase of options granted shares">546,175</span> shares, with a fair value of $<span id="xdx_900_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zd7FqKOvV5t6" title="Share granted fair value">5,462</span> and <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20241015__20241231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zZyJs9xAXcs6" title="Purchase of options granted">137,815</span> shares with a fair value of $<span id="xdx_906_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20241015__20241231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z7WjdD8IyK5i" title="Share granted fair value">1,378</span>, respectively, of common stock. During the periods ended December 31, 2025 and December 31, 2024, the Company recorded stock-based compensation expense related to options granted to employees and directors of $<span id="xdx_903_eus-gaap--ShareBasedCompensation_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zrUWilsHWX14" title="Share based compensation">345</span> and $<span id="xdx_905_eus-gaap--ShareBasedCompensation_c20241015__20241231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zXZw50xUWeb" title="Share based compensation expense">10</span>, respectively. Of the options to purchase <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20251231__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zZzejzIah5o5" title="Purchase of options granted shares">546,175</span> shares of common stock granted during the year ended December 31, 2025, options to purchase <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zu1bK96qUhYk" title="Number shares of vested">505,000</span> shares of common stock vest over a term of <span id="xdx_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm_dc_c20250101__20251231_zodAxVBz6CCk" title="Options vested term">four years</span>, subject to either the closing of a Qualified Financing or the execution of a licensing or collaboration agreement whereby the majority of the Company’s board votes that such transaction is considered to be a Validating event. <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationDescriptionAndTerms_c20250101__20251231_zkIZ6KJfMdP3" title="Share based compensation description">Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the year ended December 31, 2025 as the closing of either event was not considered probable for accounting purposes as of December 31, 2025. Of the remaining <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20251231_zoWd4fJThNx" title="Purchase of options granted shares">41,175</span> options granted during the year ended December 31, 2025, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zU3dMURLOC7h" title="Options vested">23,529</span> options will vest over <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zQwaxonT0nN6" title="Vesting period">four years</span>, and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zMwyAf4tmle7" title="Options vested">17,646</span> options will vest over <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zwdKpIzBJx64" title="Vesting period">twelve months</span>. Vesting for the <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAcceleratedVestingNumber_c20250101__20251231__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zjD4iyzusRaj" title="Options vested accelerated">17,646</span> options will be accelerated if the Company closes on certain transactions valued at $5 million (50% vesting) and $10 million (100% vesting).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zRoNSIvDuqGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of stock option activity under the stock option plans for the periods ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zDW45GrNSt44">Schedule of Stock Option Activity</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</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">Weighted Average Exercise Price</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">Weighted Average Remaining Contractual Term</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">Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding as of October 15, 2024 (date of inception)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zb9T01AgEkOi" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2042">-</span></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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsPUDXwDVteg" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2044">-</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"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfOTpD5T2And" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2046">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUIypNbefifk" style="text-align: right" title="Number of Options, Granted">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zhG1Hr87zBK" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP7kCDaHwpTe" style="text-align: right" title="Number of Options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2052">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8kaGBQSjfM2" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2054">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1pY4vwiUH0a" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2056">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsEAi8WRyVU7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2058">-</span></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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMjh2HZHSoZ7" style="text-align: right" title="Number of Options, Outstanding, Balance">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zStxBvao84Cc" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPCQjP3KHgd" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.97</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5DdgrpjzXw7" style="text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2066">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC3ITy1eLULd" style="text-align: right" title="Number of Options, Granted">546,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJ8PCXqyyind" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPQ30Y7Q2df" style="text-align: right" title="Number of Options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2072">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPgviOdGTd5" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2074">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; 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_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC0cGe4zCwU5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2076">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFtGM04waXY" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2078">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zw5qYzPCvNm6" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">683,990</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z00QSNZagNv4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</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"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQ3ncbALPfz2" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</span></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">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z6hxJnu39Mba" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2086">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zkqudQcqSgv6" style="text-align: right" title="Number of Options, Exercisable">34,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsevopFwTphi" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zieDgnZyxara" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.97</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMO4kVvA9NJ3" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl2094">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vested and expected to vest as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zk4s62g4WtO8" style="text-align: right" title="Number of Vested">683,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4x2bjYJeuj5" style="text-align: right" title="Vested and expected to vest, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zZzrrY7eKNf7" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">9.14</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNe6rKnElFhe" style="text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl2102">-</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A0_zSuClSI0ezJc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKQ7e4qQfzQ3" title="Vested and expected to vest, Exercisable">0.01</span> and $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_c20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJEpaKJha9vh" title="Vested and expected to vest, exercisable">0.01</span> as of December 31, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, there was $<span id="xdx_909_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20250101__20251231_z3ZPKoXqzWWd" title="Employee benefits and share based compensation">6,410</span> of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of <span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231_zoqNWKWL6Ff1" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term">2.1</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, there was $<span id="xdx_90C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20241015__20241231_zhYnsxYW17Ya" title="Employee benefits and share based compensation">1,368 </span>of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20241015__20241231_z6iYgKaD9GMc" title="Vesting period">4</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock Option Valuation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. Expected volatility is estimated based on the historical volatility of guideline public companies in the Company’s industry, as the Company is privately held and does not have its own trading history. For awards that meet the “plain vanilla” criteria, the Company may use the SEC simplified method to estimate the expected term. However, for awards whose exercisability is subject to a performance condition that was not probable as of December 31, 2025, the awards do not meet the “plain vanilla” criteria. Accordingly, the Company did not use the simplified method for those awards. In the absence of sufficient historical exercise data or supportable evidence of the milestone achievement date, management used the contractual term as the expected term for valuation purposes for such awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company estimated the fair value of the Company’s common stock on the date of grant to be $<span id="xdx_906_eus-gaap--SharePrice_iI_c20251231_zSLPoqsJkNie" title="Share price">0.01</span>, which was based primarily on the 409A valuation reports of Eos’s owner, SENOTHERAPEUTIX, Inc. (“SENOTHERAPEUTIX”), a Delaware registered company. The strike price of the options was $<span id="xdx_906_eus-gaap--SharePrice_iI_c20251231_zZcqbpsqzJU9" title="Options strike price">0.01</span>. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zzdfpUVybnS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zl3Z1QcDEZi3">Schedule of Grant-Date Fair Value of Stock Options</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</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">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20250101__20251231_z5YEAlYLi1L8" title="Risk-free interest rate">4.24</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_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20241015__20241231_zGYSQlNIWNh5" title="Risk-free interest rate">4.41</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 term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231_zzB6mEuayWv9" title="Expected term (in years)">9.7</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20241015__20241231_zIK31Wci70r5" title="Expected term (in years)">6.1</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20250101__20251231_zGp0JXAjUzGd" title="Expected volatility">112.3</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20241015__20241231_zmbt8LJqJfA6" title="Expected volatility">113.4</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20250101__20251231_zoOD2LrTKd7l" title="Expected dividend yield">0.00</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20241015__20241231_zUr7xplMPN7l" title="Expected dividend yield">0.00</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p> <p id="xdx_8AC_zMjRTPkqY0de" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><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; display: none; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 882353 546175 5462 137815 1378 345 10 546175 505000 P4Y Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the year ended December 31, 2025 as the closing of either event was not considered probable for accounting purposes as of December 31, 2025. Of the remaining 41,175 options granted during the year ended December 31, 2025, 23,529 options will vest over four years, and 17,646 options will vest over twelve months. Vesting for the 17,646 options will be accelerated if the Company closes on certain transactions valued at $5 million (50% vesting) and $10 million (100% vesting). 41175 23529 P4Y 17646 P12M 17646 <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zRoNSIvDuqGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of stock option activity under the stock option plans for the periods ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zDW45GrNSt44">Schedule of Stock Option Activity</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</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">Weighted Average Exercise Price</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">Weighted Average Remaining Contractual Term</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">Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%">Outstanding as of October 15, 2024 (date of inception)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zb9T01AgEkOi" style="width: 12%; text-align: right" title="Number of Options, Outstanding, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2042">-</span></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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsPUDXwDVteg" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2044">-</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"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfOTpD5T2And" style="width: 12%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2046">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUIypNbefifk" style="text-align: right" title="Number of Options, Granted">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zhG1Hr87zBK" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zP7kCDaHwpTe" style="text-align: right" title="Number of Options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2052">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8kaGBQSjfM2" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2054">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z1pY4vwiUH0a" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2056">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsEAi8WRyVU7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2058">-</span></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"> </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"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding as of December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMjh2HZHSoZ7" style="text-align: right" title="Number of Options, Outstanding, Balance">137,815</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zStxBvao84Cc" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20241015__20241231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPCQjP3KHgd" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.97</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5DdgrpjzXw7" style="text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2066">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC3ITy1eLULd" style="text-align: right" title="Number of Options, Granted">546,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zJ8PCXqyyind" style="text-align: right" title="Weighted Average Exercise Price, Granted">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPQ30Y7Q2df" style="text-align: right" title="Number of Options, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2072">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zYPgviOdGTd5" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="-sec-ix-hidden: xdx2ixbrl2074">-</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; 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_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zC0cGe4zCwU5" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Options, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2076">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zFtGM04waXY" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired"><span style="-sec-ix-hidden: xdx2ixbrl2078">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zw5qYzPCvNm6" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Options, Outstanding, Balance">683,990</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z00QSNZagNv4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance">0.01</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"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQ3ncbALPfz2" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</span></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">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z6hxJnu39Mba" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="-sec-ix-hidden: xdx2ixbrl2086">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zkqudQcqSgv6" style="text-align: right" title="Number of Options, Exercisable">34,450</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsevopFwTphi" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zieDgnZyxara" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.97</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMO4kVvA9NJ3" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="-sec-ix-hidden: xdx2ixbrl2094">-</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Vested and expected to vest as of December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zk4s62g4WtO8" style="text-align: right" title="Number of Vested">683,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4x2bjYJeuj5" style="text-align: right" title="Vested and expected to vest, Exercisable">0.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zZzrrY7eKNf7" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">9.14</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zNe6rKnElFhe" style="text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest"><span style="-sec-ix-hidden: xdx2ixbrl2102">-</span></td><td style="text-align: left"> </td></tr> </table> 137815 0.01 137815 0.01 P9Y11M19D 546175 0.01 683990 0.01 P9Y1M20D 34450 0.01 P8Y11M19D 683990 0.01 P9Y1M20D 0.01 0.01 6410 P2Y1M6D 1368 P4Y 0.01 0.01 <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zzdfpUVybnS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zl3Z1QcDEZi3">Schedule of Grant-Date Fair Value of Stock Options</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</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">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20250101__20251231_z5YEAlYLi1L8" title="Risk-free interest rate">4.24</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_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20241015__20241231_zGYSQlNIWNh5" title="Risk-free interest rate">4.41</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 term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20251231_zzB6mEuayWv9" title="Expected term (in years)">9.7</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20241015__20241231_zIK31Wci70r5" title="Expected term (in years)">6.1</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20250101__20251231_zGp0JXAjUzGd" title="Expected volatility">112.3</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20241015__20241231_zmbt8LJqJfA6" title="Expected volatility">113.4</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20250101__20251231_zoOD2LrTKd7l" title="Expected dividend yield">0.00</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20241015__20241231_zUr7xplMPN7l" title="Expected dividend yield">0.00</span></td><td style="text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p> 0.0424 0.0441 P9Y8M12D P6Y1M6D 1.123 1.134 0.0000 0.0000 <p id="xdx_80D_eus-gaap--IncomeTaxDisclosureTextBlock_zdverqojnqpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_826_z93qm65z4Pxb">Income Taxes</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INCOME TAXES</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC 740-10-10 whereby an entity recognizes deferred tax assets and liabilities for future tax consequences or events that have been previously recognized in the Company’s financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not anticipated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z1yyyEFVsItk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The income tax benefit for the periods ended December 31, 2025 and 2024 consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zlUa6xG7Oaj5">Schedule of Income Tax Benefit</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zV0JCOO1E4Af" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zThGxQNwi8k9" style="border-bottom: Black 1pt solid; text-align: center">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</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">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iI_zfSQRLAjHqS1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2142">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2143">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsDeferredIncome_iNI_di_z65ST8PfIvq6" style="vertical-align: bottom; background-color: White"> <td>Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(64,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_zZt8vugb1cbe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iTI_z5bPqVA4ol5a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2151">-</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 style="-sec-ix-hidden: xdx2ixbrl2152">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zFzXVzsSf3uh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z5WSnhwU2JBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes paid (Disaggregated) 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zTdRR6JZegr2">Schedule of Income Taxes Paid</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td colspan="2" id="xdx_495_20250101__20251231_z9BrEVDvgRIh" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">Amount</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">(in dollars)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxPaidFederalAfterRefundReceived_maITPNzjha_zqNDX1G6YL9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-size: 10pt">U.S. Federal</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2156">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxPaidStateAndLocalAfterRefundReceived_maITPNzjha_z4ryws5ePwT3" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">U.S. State</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2158">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxPaidForeignAfterRefundReceived_maITPNzjha_zyBuiIdKji8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Foreign</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2160">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxesPaidNet_iT_mtITPNzjha_zisyUiSSq2Ud" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Total Income Taxes Paid</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2162">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt"> </span></td></tr> </table> <p id="xdx_8A1_zaeDY1VeIuC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Enhanced Disclosures (ASU 2023-09 – 2025)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Effective Tax Rate Reconciliation </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a reconciliation of the statutory federal income tax rate applied to pre-tax net loss compared to the income taxes in the statement of operations for the periods ended December 31, 2025 and 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_z7bAqohw803k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASU 2023-09, reconciling items greater than 5% of the statutory tax rate are presented separately. Amounts below this threshold are aggregated within “Other.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zyskbnLcSTW3">Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</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">%</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">Amount</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">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</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">%</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">Amount</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">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">U.S. federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_904_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_di_c20250101__20251231_z5cMd4ZunYlk" title="Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount">53,000</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"><span id="xdx_906_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_pid_dp_uPure_c20250101__20251231_zL8ib0E3X5gl" title="Effective income tax rate reconciliation, U.S. federal statutory tax rate">(21.0</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"><span id="xdx_903_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_di_c20241015__20241231_zihLGyKC9Lqi" title="U.S. federal statutory tax rate, amount">16,000</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"><span id="xdx_90C_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_pid_dp_uPure_c20241015__20241231_zzbWN7rv3aFf" title="U.S. federal statutory tax rate, percent">(21.0</span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_di_c20250101__20251231_z1xym7pdqPbd" title="Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount">11,000</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_iN_pid_dp_uPure_c20250101__20251231_zMlRG6GhWnFf" title="Effective income tax rate reconciliation, State taxes, net of federal benefit">(4.2</span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_di_c20241015__20241231_zTrcfSAZQDtg" title="State taxes, net of federal benefit, amount">3,000</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--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_iN_pid_dp_uPure_c20241015__20241231_zSbvLSU3RQq" title="State taxes, net of federal benefit, percent">(3.8</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; padding-bottom: 1pt">Change in valuation allowance</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_90A_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20250101__20251231_zhfJmWeTYUi6" title="Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount">(64,000</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_907_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_uPure_c20250101__20251231_zh4YaJrOkuia" title="Effective income tax rate reconciliation, Change in valuation allowance">25.2</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--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20241015__20241231_zTuafbNDJG6b" title="Change in valuation allowance, amount">(19,000</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_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_uPure_c20241015__20241231_zf2cm3rSsZ3j" title="Change in valuation allowance, percent">24.8</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Net</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_90A_eus-gaap--IncomeTaxExpenseBenefit_c20250101__20251231_zXWDY8ouzqP5" title="Income Tax Expense (Benefit)"><span style="-sec-ix-hidden: xdx2ixbrl2190">-</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_905_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20250101__20251231_zwReBx61Y9Q8" title="Effective Income Tax Rate Reconciliation, Percent">0</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--IncomeTaxExpenseBenefit_c20241015__20241231_zx7mLfkLMAIe" title="Net, amount"><span style="-sec-ix-hidden: xdx2ixbrl2194">-</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_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_c20241015__20241231_zUE8HGmXli64" title="Net, percent">0</span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> <p id="xdx_8A3_zkXlvSMsMSGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z1Vx0p7Ym5F" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The primary component of the Company’s December 31, 2025 and 2024 deferred tax assets and related valuation allowances is its net operating loss carryforwards.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zWuyC5hTYhOe">Schedule of Components of Deferred Tax Assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zEiiys3SwBh2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_zJ0qQ2c8pbjk" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</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">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTANzpqC_zIGn8F7tx93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">83,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ValuationAllowanceDeferredTaxAsset_iNI_di_msDTANzpqC_zAtxJzUmRQgg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzpqC_zc82wPTYe1V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2206">-</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 style="-sec-ix-hidden: xdx2ixbrl2207">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zjPh3YNgWmy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 and 2024, the Company had net operating loss carry forwards of approximately $<span id="xdx_90B_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20251231_zQ489uwaPotk" title="Deferred Tax Assets, Operating Loss Carryforwards">330,000</span> and $<span id="xdx_90A_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20241231_zOMOVwgKF23d" title="Operating loss carryforwards">77,000</span>, respectively, comprised entirely of net operating losses which are allowed for an indefinite carryforward period but may be subject to limitations. This amount can be used to offset future taxable income of the Company</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating losses and temporary differences become deductible. Management considered projected future taxable income and tax planning strategies in making this assessment. The value of the deferred tax assets was offset by a valuation allowance, due to the current uncertainty of the future realization of the deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The timing and manner in which the Company can utilize operating loss carryforwards in any year may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations. Such limitation may have an impact on the ultimate realization of its carryforwards and future tax deductions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC 740-10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise’s financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of operations. As of January 1, 2025, the Company had no unrecognized tax benefits and no charge during 2025, and accordingly, the Company did not recognize any interest or penalties during 2025 related to unrecognized tax benefits. There is no accrual for uncertain tax positions as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company files U.S. income tax returns and a state income tax return. With few exceptions, the U.S. and state income tax returns filed for the tax years ending on December 31, 2024 and thereafter are subject to examination by the relevant taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z1yyyEFVsItk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The income tax benefit for the periods ended December 31, 2025 and 2024 consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zlUa6xG7Oaj5">Schedule of Income Tax Benefit</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20251231_zV0JCOO1E4Af" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zThGxQNwi8k9" style="border-bottom: Black 1pt solid; text-align: center">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">12/31/2025</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">12/31/2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGross_iI_zfSQRLAjHqS1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Current</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2142">-</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2143">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsDeferredIncome_iNI_di_z65ST8PfIvq6" style="vertical-align: bottom; background-color: White"> <td>Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(64,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(19,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_zZt8vugb1cbe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">64,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNet_iTI_z5bPqVA4ol5a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2151">-</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 style="-sec-ix-hidden: xdx2ixbrl2152">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 64000 19000 64000 19000 <p id="xdx_895_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z5WSnhwU2JBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income taxes paid (Disaggregated) 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-indent: 0.5in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BF_zTdRR6JZegr2">Schedule of Income Taxes Paid</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td colspan="2" id="xdx_495_20250101__20251231_z9BrEVDvgRIh" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">Amount</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">(in dollars)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxPaidFederalAfterRefundReceived_maITPNzjha_zqNDX1G6YL9k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-size: 10pt">U.S. Federal</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2156">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxPaidStateAndLocalAfterRefundReceived_maITPNzjha_z4ryws5ePwT3" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">U.S. State</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2158">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eus-gaap--IncomeTaxPaidForeignAfterRefundReceived_maITPNzjha_zyBuiIdKji8g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Foreign</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">$</span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2160">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxesPaidNet_iT_mtITPNzjha_zisyUiSSq2Ud" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Total Income Taxes Paid</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2162">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt"> </span></td></tr> </table> <p id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_z7bAqohw803k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASU 2023-09, reconciling items greater than 5% of the statutory tax rate are presented separately. Amounts below this threshold are aggregated within “Other.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B4_zyskbnLcSTW3">Schedule of Reconciliation of Federal Statutory Income Tax Rate To Effective Income Tax Rate</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</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">%</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">Amount</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">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</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">%</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">Amount</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">%</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left">U.S. federal statutory tax rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_904_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_di_c20250101__20251231_z5cMd4ZunYlk" title="Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount">53,000</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"><span id="xdx_906_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_pid_dp_uPure_c20250101__20251231_zL8ib0E3X5gl" title="Effective income tax rate reconciliation, U.S. federal statutory tax rate">(21.0</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"><span id="xdx_903_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_di_c20241015__20241231_zihLGyKC9Lqi" title="U.S. federal statutory tax rate, amount">16,000</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"><span id="xdx_90C_ecustom--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRates_pid_dp_uPure_c20241015__20241231_zzbWN7rv3aFf" title="U.S. federal statutory tax rate, percent">(21.0</span></td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_di_c20250101__20251231_z1xym7pdqPbd" title="Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount">11,000</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_iN_pid_dp_uPure_c20250101__20251231_zMlRG6GhWnFf" title="Effective income tax rate reconciliation, State taxes, net of federal benefit">(4.2</span></td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_di_c20241015__20241231_zTrcfSAZQDtg" title="State taxes, net of federal benefit, amount">3,000</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--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_iN_pid_dp_uPure_c20241015__20241231_zSbvLSU3RQq" title="State taxes, net of federal benefit, percent">(3.8</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; padding-bottom: 1pt">Change in valuation allowance</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_90A_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20250101__20251231_zhfJmWeTYUi6" title="Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount">(64,000</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_907_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_uPure_c20250101__20251231_zh4YaJrOkuia" title="Effective income tax rate reconciliation, Change in valuation allowance">25.2</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--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20241015__20241231_zTuafbNDJG6b" title="Change in valuation allowance, amount">(19,000</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_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_iN_pid_dpi_uPure_c20241015__20241231_zf2cm3rSsZ3j" title="Change in valuation allowance, percent">24.8</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Net</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_90A_eus-gaap--IncomeTaxExpenseBenefit_c20250101__20251231_zXWDY8ouzqP5" title="Income Tax Expense (Benefit)"><span style="-sec-ix-hidden: xdx2ixbrl2190">-</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_905_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20250101__20251231_zwReBx61Y9Q8" title="Effective Income Tax Rate Reconciliation, Percent">0</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--IncomeTaxExpenseBenefit_c20241015__20241231_zx7mLfkLMAIe" title="Net, amount"><span style="-sec-ix-hidden: xdx2ixbrl2194">-</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_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_c20241015__20241231_zUE8HGmXli64" title="Net, percent">0</span></td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> -53000 -0.210 -16000 -0.210 -11000 -0.042 -3000 -0.038 -64000 -0.252 -19000 -0.248 0 0 <p id="xdx_896_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z1Vx0p7Ym5F" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The primary component of the Company’s December 31, 2025 and 2024 deferred tax assets and related valuation allowances is its net operating loss carryforwards.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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-indent: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zWuyC5hTYhOe">Schedule of Components of Deferred Tax Assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zEiiys3SwBh2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20241231_zJ0qQ2c8pbjk" style="border-bottom: Black 1pt solid; text-align: center">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</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">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTANzpqC_zIGn8F7tx93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">83,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ValuationAllowanceDeferredTaxAsset_iNI_di_msDTANzpqC_zAtxJzUmRQgg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(19,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzpqC_zc82wPTYe1V3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2206">-</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 style="-sec-ix-hidden: xdx2ixbrl2207">-</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 83000 19000 83000 19000 330000 77000 <p id="xdx_806_eus-gaap--LesseeOperatingLeasesTextBlock_z6xqcSnM9824" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_825_z7Q5OJsD4nb3">Leases</span></span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING LEASES</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025 and 2024 the Company was not party to any operating leases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zYPPzwAXZpS" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_822_zdIj67tWnT8j">Related Party Transactions</span></span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED PARTY TRANSACTIONS</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the periods ended December 31, 2025 and 2024, SENOTHERAPEUTIX paid approximately $<span id="xdx_908_eus-gaap--OtherExpenses_c20250101__20251231_zB4EGJ29eMMa" title="Other expenses">235,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and approximately $<span id="xdx_906_eus-gaap--OtherExpenses_c20240101__20241231_zK9tphq3HLE7" title="Other expenses">77,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in expenses on behalf of the Company. These expenses were for regulatory and clinical consultants, strategic planning fees and legal costs. Since SENOTHERAPEUTIX does not require these amounts to be repaid, the amounts were credited to additional paid in capital as capital contributions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 235000 77000 <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zWjSu4tYVk76" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82F_z51twzydQ7M9">Subsequent Events</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUBSEQUENT EVENTS</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>License and Service Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 9, 2026, the Company entered into a license and service agreement (the “Agreement”) with SENOTHERAPEUTIX to develop products (other than food, cosmetics or supplements) for the diagnosis, cure, mitigation, treatment, or prevention of disease in humans, other than cancer and neoplastic diseases and use in or with gene-therapy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the Agreement, SENOTHERAPEUTIX, has agreed to grant the Company a worldwide, exclusive, right and license to use certain SENOTHERAPEUTIX intellectual property to research, develop, make, use, sell, have sold, offer for sale and import products developed by the Company. Under the Agreement the Company will own all Patents, know-how and other intellectual property rights in all technical information and materials invented, authored or otherwise created in connection with the performance of the Agreement (“Eos IP”). The Company also granted SENOTHERAPEUTIX a worldwide, exclusive, right and license, under the Eos IP created in connection with the services component to practice such Eos IP for the conduct of any SENOTHERAPEUTIX development program and to make, use, sell, have sold, offer for sale and import products or processes resulting from created in or developed by such programs. No additional consideration is contemplated to be paid from SENOTHERAPEUTIX to Eos in connection with the aforementioned grant-back license since it relates to intellectual property created during the services component and use of such intellectual property is limited by the nature of the field and compounds. The intellectual property rights granted to each party are sublicensable pursuant to a written sublicense agreement which shall be consistent with, and conform to, the terms and conditions of the Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the Agreement, SENOTHERAPEUTIX will provide to the Company general and administrative, research and development and other services agreed to by each party (the “Service Agreement”). The Service Agreement expires upon the earlier of February 2029 and a change of control of the Company, for which the consummation of the merger transaction described herein will result in the termination of SENO’s obligation to provide such services. The Company will pay SENOTHERAPEUTIX’s fully burdened cost for providing the services plus ten percent or other such amounts agreed to by the Parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_902_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20260206__20260206__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8e3mZPxmxxi" title="Business acquisition, description">Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones</span>. Under the terms of the Agreement the Company has also agreed to pay royalties of a mid-to-high single-digit percentage to SENOTHERAPEUTIX based on the Company, its affiliates or any sublicensees, on net sales of any product developed by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><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 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><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 0pt 0pt 0; text-align: justify; text-indent: 13.5pt"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proposed Merger Agreement and Closing of Private Placement with Pulmatrix, Inc.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 26, 2026, the Company and Pulmatrix, Inc. (“Pulmatrix”), a biopharmaceutical public company that has been focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs, announced their intent to enter into a definitive merger agreement under which Pulmatrix will acquire Eos (the “Merger”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_ecustom--MergerAgreementsDescriptionAndTerms_c20260326__20260326__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPT3qihyfMb4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and a bridge component for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&amp;A advisory fees, the pre-Merger Pulmatrix stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issuable to Palladium Capital Group, LLC (as described herein), are expected to own approximately 94%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the Financings, Eos received $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_ecustom--FinancingFees_iI_pn6n6_c20260409__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPsCQzvkjkp7">1</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million on April 9, 2026, and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90F_ecustom--FinancingFees_iI_pn5n6_c20260505__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZywqnvTyj0l">1.5</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million on May 5, 2026. In exchange for the $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_909_eus-gaap--ExchangeFees_pn5n6_c20260505__20260505__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zImhMcPRGjWc">2.5</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90F_eus-gaap--ConversionOfStockDescription_c20260505__20260505__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zdF9wEMh7Tsf">the Company issued convertible notes to RCM Eos Holdings, LLC which will pay 8% interest annually, will have maturity date of 18 months following issuance of the notes and are convertible into common stock at a conversion price of $17 per share.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Merger will be accounted for as a reverse asset acquisition in accordance with GAAP. Under this method of accounting, Eos is considered to be the accounting acquirer for financial reporting purposes since immediately following the Merger: (i) Eos’s equity holders will own a substantial majority of the voting rights in the Combined Company; (ii) Eos’s largest stockholder will retain the largest interest in the Combined Company; (iii) Eos will designate all but one of the initial members of the Combined Company board of directors; and (iv) Eos’s executive management team will become the management of the Combined Company. Accordingly, the Merger is expected to be treated for accounting purposes as the equivalent of Eos issuing stock to acquire the net assets of Pulmatrix. As a result of Eos being treated as the accounting acquirer, Eos’s assets and liabilities will be recorded at their pre-combination carrying amounts and the net assets of Pulmatrix will be allocated a portion of the purchase price and recorded based on their relative fair values at the time of closing. Upon completion of the Merger, the historical financial statements of Eos will become the historical consolidated financial statements of Pulmatrix.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Series A Preferred Stock Private Placement Offering</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 25, 2026, the Company began offering on a “No Minimum” basis (the “Offering”) shares of the Company’s Series A Preferred Stock, par value of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGrs7EIwd5zg" title="Preferred stock, par value">0.00001</span> per share (the “Series A Preferred Stock” or the “Securities”) at a purchase price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_905_eus-gaap--SaleOfStockPricePerShare_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJuBpjIEMi1" title="Purchase price, per share">17.00</span> per share, for an aggregate investment of up to $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--EquityMethodInvestmentAggregateCost_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MaximumMember_zUB0DKH2H2we" title="Aggregate investment cost">25,000,000</span> (the “Investment Amount”). This Offering is being made on a “No Minimum” basis, meaning no minimum amount of money must be raised. Each Commitment shall be no less than $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--OtherCommitment_iI_c20260425__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkqXM4ouFN13" title="Other commitment">250,000</span> unless otherwise agreed to by the Company in its sole and absolute discretion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_905_eus-gaap--SubsequentEventDescription_c20260326__20260326__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zOXSFHRtfbEb" title="Subsequent event, description">Upon execution of a subscription agreement, each Investor shall fund 20% of its Commitment in exchange for the applicable amount of Series A Preferred Stock. The balance of each Investor’s Commitment shall be funded to the Company no later than (i) 30 days after the declared effective date of the registration statement on Form S-4 filed in connection with the Merger, with written notice by the Company to the Investor of such effective date, or (ii) 35 days prior to the consummation of certain Liquidity Events, as defined in the Offering with written notice by the Company to the Investor of the anticipated consummation date of such Liquidity Event. The Company may continue to accept new Investors for the financing contemplated by this Memorandum until the earliest to occur of (a) 12 months from the date of the first closing hereunder, (b) the consummation of the Merger, or (c) the consummation of a Liquidity Event.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no guarantee that the Company will raise all of the funds necessary to implement the business plan and investments could be lost. All net proceeds from the sale of the Securities being offered will be used to repay outstanding debt of the Company, if any, general corporate purposes and working capital including, but not limited to support of IND-enabling studies for the Company’s lead clinical candidate, PTC-2105, licensing and/or royalty fees to affiliates entities, and/or rent pursuant to market rate leases with affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the above, as of April 24, 2026, amended and restated its certificate of incorporation to authorize additional shares of common stock and preferred stock. The total number of shares that Eos is authorized to issue is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--CapitalUnitsAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUudud8XPnO2" title="Shares authorized">13,000,000</span>, of which <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNlACXktunOe" title="Common stock, shares authorized">10,000,000</span> shares are Class A common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zkoPQ6WxFPc8" title="Preferred stock, shares authorized">1,000,000</span> shares are Class B common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90D_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zYQ8r4CpXzf9" title="Preferred stock, shares authorized">2,000,000</span> shares are preferred stock, and of such preferred stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zH6P3FX23oad" title="Preferred stock, shares authorized">1,900,000</span> shares of which are designated as Series A Preferred Stock. The accompanying financial statements and related notes reflect the amended authorized share amounts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>License Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_ecustom--AgreementsDescription_c20260401__20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zppqt2zTrdLa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="Agreements description">In April 2026, the Company entered into a license agreement (the “License”) with K2 Biolabs, Inc., (“K2”) under which the Company will license a combination of common and dedicated office and laboratory space at K2’s premises in Houston, TX. The initial License term is approximately 13 months, commencing on April 1, 2026, and may be automatically extended at the end of the initial term or any other extension term for a 12-month period. Monthly license payments are $</span><span id="xdx_909_ecustom--LicensePayments_c20260401__20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z6UnI1GDZfo4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt" title="License payments">83,042</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(plus any applicable taxes), which are subject to a 4% annual increase each year. The Company may elect to not renew the License without penalty with 60 days’ written notice prior to the License expiration date. The Company may also terminate the License for convenience, subject to paying a termination fee ranging from 50% to 80% of the remaining License fee, depending on how much advance notice the Company provides to K2 prior to the then current License termination date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K2 is partially owned by the Company’s Chairman and Chief Executive Officer Dr. Slawin. He owns (a) approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_z1YhAVmsBnIa" title="Ownership percentage">0.33</span>% of K2’s outstanding equity interests personally through an option grant for serving as a board member, and (b) SENOTHERAPEUTIX, an entity controlled by Dr. Slawin, holds approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_zb1Cpi1jeuc7" title="Ownership percentage">3.33</span>% of K2’s outstanding equity interests. Eos obtained certain facility access through intercompany arrangements with SENOTHERAPEUTIX beginning in February 2026 with the execution of the Agreement by and between Eos and SENOTHERAPEUTIX; however, because such intercompany service arrangements terminate upon consummation of the Merger transaction with Pulmatrix, Eos entered into the K2 License Agreement to secure standalone facility access for its operations. In addition, Eos and SENOTHERAPEUTIX have arrangements relating to shared use of certain vivarium space at the K2 facility and allocation of related costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Option Grants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2026, the three members of the Board of Directors received stock options to purchase an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260131__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zChr7BBzPutc" title="Stock option grant in period, shares">129,412</span> shares of the Company’s common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260131__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zFQyglEqWdy4" title="Exercise price, per share">0.01</span> per share. These stock options fully vest after one year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2026, the Board of Directors granted, to two consultants, stock options to purchase an aggregate of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260101__20260331__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_zU5kuVFJYoJl" title="Stock option grant in period, shares">35,292</span> shares of the Company’s common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_901_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260331__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_z792DEHSezEc" title="Exercise price, per share">17</span> per share. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights_c20260101__20260331__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_z8W7tk37DMXc" title="Stock option grant in period, description">These stock options will vest over a four-year period, with 25% vesting on the first anniversary of the grant and the remaining 75% will vest monthly over the following 36 months</span>.</span></p> Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and a bridge component for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&A advisory fees, the pre-Merger Pulmatrix stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issuable to Palladium Capital Group, LLC (as described herein), are expected to own approximately 94%. 1000000 1500000 2500000 the Company issued convertible notes to RCM Eos Holdings, LLC which will pay 8% interest annually, will have maturity date of 18 months following issuance of the notes and are convertible into common stock at a conversion price of $17 per share. 0.00001 17.00 25000000 250000 Upon execution of a subscription agreement, each Investor shall fund 20% of its Commitment in exchange for the applicable amount of Series A Preferred Stock. The balance of each Investor’s Commitment shall be funded to the Company no later than (i) 30 days after the declared effective date of the registration statement on Form S-4 filed in connection with the Merger, with written notice by the Company to the Investor of such effective date, or (ii) 35 days prior to the consummation of certain Liquidity Events, as defined in the Offering with written notice by the Company to the Investor of the anticipated consummation date of such Liquidity Event. The Company may continue to accept new Investors for the financing contemplated by this Memorandum until the earliest to occur of (a) 12 months from the date of the first closing hereunder, (b) the consummation of the Merger, or (c) the consummation of a Liquidity Event. 13000000 10000000 1000000 2000000 1900000 In April 2026, the Company entered into a license agreement (the “License”) with K2 Biolabs, Inc., (“K2”) under which the Company will license a combination of common and dedicated office and laboratory space at K2’s premises in Houston, TX. The initial License term is approximately 13 months, commencing on April 1, 2026, and may be automatically extended at the end of the initial term or any other extension term for a 12-month period. Monthly license payments are $ 83042 0.0033 0.0333 129412 0.01 35292 17 These stock options will vest over a four-year period, with 25% vesting on the first anniversary of the grant and the remaining 75% will vest monthly over the following 36 months 974756 630797 264098 1869651 302969 2172620 681728 18000 100000 303258 100000 1184986 18000 2374520 1000000 136000 566000 36384 4112904 0.00001 0.00001 2000000 2000000 8823 8823 0 0 0.00001 0.00001 10000000 10000000 4000000 4000000 4000000 4000000 40 40 0.00001 0.00001 1000000 1000000 1000000 1000000 10 10 10 10 784316 311865 -3909636 -329915 -3125270 -18000 2172620 1138522 3375 1587705 26600 329135 54086 462384 109622 1467657 57461 2050089 136222 847375 847375 80464 80464 556000 556000 4000 4000 -49793 -49793 2997289 57461 3579721 136222 -2997289 -57461 -3579721 -136222 -0.60 -0.60 -0.01 -0.01 -0.72 -0.72 -0.03 -0.03 5000000 5000000 5000000 5000000 5000000 5000000 5000000 5000000 4000000 40 1000000 10 311865 -329915 -18000 7455 7455 325126 325126 -582432 -582432 4000000 40 1000000 10 644446 -912347 -267851 8823 32848 32848 107022 107022 -2997289 -2997289 8823 4000000 40 1000000 10 784316 -3909636 -3125270 4000000 40 1000000 10 76845 -76895 86 86 78675 78675 -78761 -78761 4000000 40 1000000 10 155606 -155656 4000000 40 1000000 10 155606 -155656 86 86 57375 57375 -57461 -57461 4000000 40 1000000 10 213067 -213117 4000000 40 1000000 10 213067 -213117 -3579721 -136222 432148 136050 40303 172 -556000 -4000 125153 13409 80464 722222 264098 -86107 -85818 36384 373516 -1467931 377159 30154 2500000 100000 150000 100000 2442687 974756 974756 94050 389076 277778 <p id="xdx_80B_eus-gaap--NatureOfOperations_zbe0isQy8xf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><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_821_zLuMBSdwF7ea" style="display: none">Nature of the Business and Basis of Presentation</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NATURE OF THE BUSINESS AND BASIS OF PRESENTATION</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eos SENOLYTIX, Inc. (the “Company” or “Eos” or “We”) was incorporated in the State of Delaware on October 15, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eos is a biotechnology company focused on developing first-in-class gerotherapeutic peptide medicines that target the underlying biological mechanisms of aging. Eos’s lead clinical candidates, PTC-2105 and PTC-2107, are powered by the Company’s proprietary MitoXcel™ Technology, a platform designed to precisely target the universal decline in the mitochondrial membrane potential (MMP), also called the “Δψm” that occurs across all cells as they age. Both proprietary geropeptides have demonstrated the ability to rejuvenate naturally aged mice via two separate mechanisms, both via a single, aging-specific target. These two mechanisms include (1) the return of the efficiency of mitochondrial function in aging cells almost immediately back to their younger, more efficient phenotype, and (2) the profound elimination of senescent cells throughout every organ in the body, including the brain, reducing their negative systemic inflammatory effects. Extensive preclinical studies suggest the MitoXcel™ platform may be a broad gerotherapeutic that improves body composition, increasing lean muscle mass, and enhancing physical function in aging animals. By targeting fundamental processes driving aging and aging-related diseases, the Company is pursuing a unique therapeutic opportunity to intervene in the aging process in ways that were once thought impossible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s principal office is located in Houston, Texas.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks and uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to risks common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.1in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited interim financial statements of Eos SENOLYTIX, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented, consisting only of normal recurring adjustments, have been included.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited interim financial statements have been prepared on a basis consistent with the audited financial statements and related notes thereto for the year ended December 31, 2025 included elsewhere in this Registration Statement. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. Accordingly, these interim financial statements should be read in conjunction with the audited financial statements and related notes thereto for the year ended December 31, 2025 included elsewhere in this Registration Statement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026 or any other future interim or annual period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 9pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 9pt"><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 0pt 0pt 0; text-align: justify; text-indent: 9pt"></p> <p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zfeTtrCAsik9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 9pt"><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 style="display: none"><span id="xdx_825_zWqh2xzktIy2">Summary of Significant Accounting Policies and Recent Accounting Standards</span></span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: -0.25in"></p> <p id="xdx_844_eus-gaap--UseOfEstimates_znUk4aenY86d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zlf10hzOiDo3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_zbWj4vtjOQsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zYh7sysRoypd">Income Taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zDcGtQdCG8ld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock-based Payments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_867_zEXOjnZV1VXh">Stock-based Compensation</span> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based compensation under the provisions of FASB ASC 718, <i>Compensation—Stock Compensation,</i> which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, <i>Compensation – Stock Compensation (Topic 718)</i> share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zgmCKLc8oatd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zd5maflAOQF5">Research and Development Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs are expensed as incurred in accordance with ASC 730, <i>Research and Development</i>. Research and development expenses consist primarily of costs incurred for preclinical studies, contract research and manufacturing services, personnel-related expenses, laboratory supplies, regulatory activities and allocated facilities costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accrues research and development expenses associated with third-party service providers, including contract research organizations, laboratories and other vendors, based on estimates of the services performed and efforts expended pursuant to contracts with such service providers. These estimates are based on information provided by the service providers regarding the progress or stage of completion of the related activities. Significant judgment and estimates are required in determining the accrued balances at each reporting date, and actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments made in advance of the receipt of goods or services to be used in future research and development activities are recorded as prepaid expenses and recognized as expense as the related goods are delivered or services are performed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--ConvertibleNotesPayablePolicyTextBlock_zTiUEh0Tb16b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zsvM8RQHrZT4">Convertible Notes Payable</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes payable are carried at amortized cost. Debt discount and issuance costs related to funded borrowings are presented as a direct deduction from the carrying amount of the related debt liability and amortized to interest expense over the term of the debt using the effective interest method. Fees attributable to commitments to provide additional financing that has not yet been drawn are deferred and amortized over the applicable commitment period. Amounts attributable to financing arrangements that do not qualify for deferral are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_ecustom--EquityLinkedFinancialInstrumentsPolicyTextBlock_zrgo36bAgqej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zWsdYpMsx8S3">Equity-Linked Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines whether contracts that may be settled in the Company’s own stock are classified as equity or as liabilities. Instruments that embody an obligation to redeem or repurchase the Company’s shares or to issue a variable number of shares, and equity-linked instruments that are not indexed to the Company’s own stock, are classified as liabilities. Liability-classified instruments are accounted for at fair value and remeasured at each reporting date until settlement, expiration or a modification that results in equity classification, with changes in fair value recognized in the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zAZZK0r3jLja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loss Per Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_86F_zbkSvzEhGERl" style="display: none">Basic and Diluted Net Loss Per Share</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC 260, <i>Earnings Per Share</i>, in calculating basic and diluted net loss per share. Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect of potentially dilutive securities to the extent their inclusion would be dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company reported a net loss for the three and six months ended June 30, 2026 and 2025, potentially dilutive securities were excluded from the computation of diluted net loss per share when their effect would have been anti-dilutive. Accordingly, basic and diluted net loss per share were the same for the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following potentially dilutive securities outstanding as of June 30, 2026 and 2025 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive:</span></p> <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z9L2N6GxkEt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 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_8B4_zcerxmAve2M6" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Stock options</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zSBmG4kGszW7" title="Stock options">848,694</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zYDWvSYLnzah" title="Stock options">666,344</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Series A Preferred Stock</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zdYO4o3ZN1h2" title="Series A Preferred Stock">8,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zcd1B9CjHL4k" title="Series A Preferred Stock"><span style="-sec-ix-hidden: xdx2ixbrl2821">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Series A Warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesAWarrantsMember_zPKwbYWNbytd" title="Series A Warrants">8,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesAWarrantsMember_zWhwvopMjqwb" title="Series A Warrants"><span style="-sec-ix-hidden: xdx2ixbrl2825">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Equity Incentive Shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EquityIncentiveSharesMember_zVWrWNdO1aG9" title="Equity Incentive Shares">58,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EquityIncentiveSharesMember_zTnOymR5Sigi" title="Equity Incentive Shares"><span style="-sec-ix-hidden: xdx2ixbrl2829">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Shares issuable upon conversion of Convertible Notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ShareConversionOfConvertibleNotesMember_z1Gp4jC3JYmd" title="Anti dilutive shares">168,345</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ShareConversionOfConvertibleNotesMember_z7O5vx9r1jl4" title="Anti dilutive shares"><span style="-sec-ix-hidden: xdx2ixbrl2833">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A3_z89KKBrYUyYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p id="xdx_84C_eus-gaap--LesseeLeasesPolicyTextBlock_zFNzqttal874" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span><span id="xdx_863_z61xuFcEbOV9">Leases</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for leases in accordance with ASC 842, Leases. The Company determines whether an arrangement is a lease at contract inception. The Company classifies leases as operating or finance leases at commencement. The Company’s lease is currently classified as an operating lease. Operating leases are included in “Right-of-use assets – operating lease” and “Operating lease liability” in the Company’s balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Lease payments included in the measurement of the lease liability consist of fixed payments and variable payments that depend on an index or rate, as applicable. Variable lease payments that do not depend on an index or rate are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company uses the rate implicit in the lease when that rate is readily determinable. If the implicit rate is not readily determinable, the Company uses its incremental borrowing rate at the commencement date, which reflects the rate of interest the Company would pay to borrow on a collateralized basis over a similar term in a similar economic environment. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. For real estate leases, the Company has elected not to separate lease and non-lease components and, accordingly, accounts for each lease component and its associated non-lease components as a single lease component. The Company has elected the short-term lease exemption and does not recognize ROU assets or lease liabilities for leases with a lease term of 12 months or less. Lease expense for operating leases is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zQ5VR4c4PXA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zwIrxRmKOTT7">Fair Value Measurements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures certain financial assets and liabilities at fair value at each reporting date using a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level</span> <span style="font-family: Times New Roman, Times, Serif">1</span></td> <td style="text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">—</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 81pt; text-align: justify; text-indent: -45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td> <td style="text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">—</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other inputs that are directly or indirectly observable in the marketplace.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td> <td style="text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">—</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Unobservable inputs that are supported by little or no market activity.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants and the second closing forward contracts described in Note 15 are not indexed to the Company’s own stock and do not qualify for equity classification. Both are recognized at fair value and remeasured at each reporting date, with changes in fair value recognized in the statements of operations. The Warrants are classified as liabilities, while the forward contracts are presented as assets or liabilities depending on their fair value at the measurement date. The Company measures the preferred stock warrant liability, the preferred stock forward liability and the equity incentive share liability described in Note 14 at fair value on a recurring basis and has determined these are Level 3 instruments in the fair value hierarchy. Refer to Note 16 for the significant inputs used to determine their fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--StockholdersEquityNoteRedeemablePreferredStockIssuePolicy_ztgeCb3FSOM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zKVBbkJh6yO6">Series A Preferred Stock</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies its Series A Preferred Stock in permanent stockholders’ equity (deficit). The Series A Preferred Stock is not redeemable at the option of the holder, is not subject to mandatory redemption and does not contain any other provision that could require the Company to deliver cash or other assets outside of a liquidation of the Company. Proceeds allocated to the Series A Preferred Stock, are recorded at the allocated amount, net of issuance costs, and are not subsequently remeasured. When the fair value of the liability-classified instruments issued with the Series A Preferred Stock exceeds the proceeds received, no proceeds are allocated to the Series A Preferred Stock and the excess is recognized as a loss on issuance in the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zu0nCGVzm61j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_ztzmLbHaf5m8">Segment Reporting</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating segments are identified as components of an enterprise for which separate discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined that it operates as a single operating and reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has one operating segment and one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zorF49t8I0hl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently Adopted Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> <span id="xdx_864_zHLCSLiBvCf4" style="display: none">Recent Accounting Pronouncements</span> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no new accounting standards adopted during the six months ended June 30, 2026 that materially affected the Company’s financial statements or disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zEjPdbx2ujT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zbCOMa3tPBEj">Recently Issued Accounting Pronouncements Not Yet Adopted</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.</span></p> <p id="xdx_85B_z51LRGon9639" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_znUk4aenY86d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zlf10hzOiDo3">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--IncomeTaxPolicyTextBlock_zbWj4vtjOQsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zYh7sysRoypd">Income Taxes</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740 when accounting for income taxes, which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed at each balance sheet date for temporary differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zDcGtQdCG8ld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock-based Payments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_867_zEXOjnZV1VXh">Stock-based Compensation</span> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based compensation under the provisions of FASB ASC 718, <i>Compensation—Stock Compensation,</i> which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In accordance with Accounting Standards Update (“ASU”) No. 2018-07, <i>Compensation – Stock Compensation (Topic 718)</i> share-based payment transactions with nonemployees are measured and recognized in a manner consistent with employee awards, unless specific guidance requires otherwise. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue upon satisfaction of the applicable vesting conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zgmCKLc8oatd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zd5maflAOQF5">Research and Development Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs are expensed as incurred in accordance with ASC 730, <i>Research and Development</i>. Research and development expenses consist primarily of costs incurred for preclinical studies, contract research and manufacturing services, personnel-related expenses, laboratory supplies, regulatory activities and allocated facilities costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accrues research and development expenses associated with third-party service providers, including contract research organizations, laboratories and other vendors, based on estimates of the services performed and efforts expended pursuant to contracts with such service providers. These estimates are based on information provided by the service providers regarding the progress or stage of completion of the related activities. Significant judgment and estimates are required in determining the accrued balances at each reporting date, and actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments made in advance of the receipt of goods or services to be used in future research and development activities are recorded as prepaid expenses and recognized as expense as the related goods are delivered or services are performed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--ConvertibleNotesPayablePolicyTextBlock_zTiUEh0Tb16b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zsvM8RQHrZT4">Convertible Notes Payable</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes payable are carried at amortized cost. Debt discount and issuance costs related to funded borrowings are presented as a direct deduction from the carrying amount of the related debt liability and amortized to interest expense over the term of the debt using the effective interest method. Fees attributable to commitments to provide additional financing that has not yet been drawn are deferred and amortized over the applicable commitment period. Amounts attributable to financing arrangements that do not qualify for deferral are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_ecustom--EquityLinkedFinancialInstrumentsPolicyTextBlock_zrgo36bAgqej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zWsdYpMsx8S3">Equity-Linked Financial Instruments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines whether contracts that may be settled in the Company’s own stock are classified as equity or as liabilities. Instruments that embody an obligation to redeem or repurchase the Company’s shares or to issue a variable number of shares, and equity-linked instruments that are not indexed to the Company’s own stock, are classified as liabilities. Liability-classified instruments are accounted for at fair value and remeasured at each reporting date until settlement, expiration or a modification that results in equity classification, with changes in fair value recognized in the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zAZZK0r3jLja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Loss Per Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_86F_zbkSvzEhGERl" style="display: none">Basic and Diluted Net Loss Per Share</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows FASB ASC 260, <i>Earnings Per Share</i>, in calculating basic and diluted net loss per share. Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect of potentially dilutive securities to the extent their inclusion would be dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the Company reported a net loss for the three and six months ended June 30, 2026 and 2025, potentially dilutive securities were excluded from the computation of diluted net loss per share when their effect would have been anti-dilutive. Accordingly, basic and diluted net loss per share were the same for the periods presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following potentially dilutive securities outstanding as of June 30, 2026 and 2025 were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive:</span></p> <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z9L2N6GxkEt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 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_8B4_zcerxmAve2M6" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Stock options</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zSBmG4kGszW7" title="Stock options">848,694</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zYDWvSYLnzah" title="Stock options">666,344</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Series A Preferred Stock</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zdYO4o3ZN1h2" title="Series A Preferred Stock">8,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zcd1B9CjHL4k" title="Series A Preferred Stock"><span style="-sec-ix-hidden: xdx2ixbrl2821">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Series A Warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesAWarrantsMember_zPKwbYWNbytd" title="Series A Warrants">8,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesAWarrantsMember_zWhwvopMjqwb" title="Series A Warrants"><span style="-sec-ix-hidden: xdx2ixbrl2825">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Equity Incentive Shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EquityIncentiveSharesMember_zVWrWNdO1aG9" title="Equity Incentive Shares">58,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EquityIncentiveSharesMember_zTnOymR5Sigi" title="Equity Incentive Shares"><span style="-sec-ix-hidden: xdx2ixbrl2829">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Shares issuable upon conversion of Convertible Notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ShareConversionOfConvertibleNotesMember_z1Gp4jC3JYmd" title="Anti dilutive shares">168,345</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ShareConversionOfConvertibleNotesMember_z7O5vx9r1jl4" title="Anti dilutive shares"><span style="-sec-ix-hidden: xdx2ixbrl2833">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A3_z89KKBrYUyYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z9L2N6GxkEt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 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_8B4_zcerxmAve2M6" style="display: none">Schedule of Computation of Anti-Dilutive Weighted-Average Shares Outstanding</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Stock options</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zSBmG4kGszW7" title="Stock options">848,694</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--StockOptionsMember_zYDWvSYLnzah" title="Stock options">666,344</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Series A Preferred Stock</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zdYO4o3ZN1h2" title="Series A Preferred Stock">8,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_901_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--SeriesAPreferredStockMember_zcd1B9CjHL4k" title="Series A Preferred Stock"><span style="-sec-ix-hidden: xdx2ixbrl2821">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Series A Warrants</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesAWarrantsMember_zPKwbYWNbytd" title="Series A Warrants">8,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesAWarrantsMember_zWhwvopMjqwb" title="Series A Warrants"><span style="-sec-ix-hidden: xdx2ixbrl2825">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Equity Incentive Shares</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EquityIncentiveSharesMember_zVWrWNdO1aG9" title="Equity Incentive Shares">58,823</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EquityIncentiveSharesMember_zTnOymR5Sigi" title="Equity Incentive Shares"><span style="-sec-ix-hidden: xdx2ixbrl2829">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Shares issuable upon conversion of Convertible Notes</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ShareConversionOfConvertibleNotesMember_z1Gp4jC3JYmd" title="Anti dilutive shares">168,345</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ShareConversionOfConvertibleNotesMember_z7O5vx9r1jl4" title="Anti dilutive shares"><span style="-sec-ix-hidden: xdx2ixbrl2833">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 848694 666344 8823 8823 58823 168345 <p id="xdx_84C_eus-gaap--LesseeLeasesPolicyTextBlock_zFNzqttal874" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span><span id="xdx_863_z61xuFcEbOV9">Leases</span></span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for leases in accordance with ASC 842, Leases. The Company determines whether an arrangement is a lease at contract inception. The Company classifies leases as operating or finance leases at commencement. The Company’s lease is currently classified as an operating lease. Operating leases are included in “Right-of-use assets – operating lease” and “Operating lease liability” in the Company’s balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Lease payments included in the measurement of the lease liability consist of fixed payments and variable payments that depend on an index or rate, as applicable. Variable lease payments that do not depend on an index or rate are expensed as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company uses the rate implicit in the lease when that rate is readily determinable. If the implicit rate is not readily determinable, the Company uses its incremental borrowing rate at the commencement date, which reflects the rate of interest the Company would pay to borrow on a collateralized basis over a similar term in a similar economic environment. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. For real estate leases, the Company has elected not to separate lease and non-lease components and, accordingly, accounts for each lease component and its associated non-lease components as a single lease component. The Company has elected the short-term lease exemption and does not recognize ROU assets or lease liabilities for leases with a lease term of 12 months or less. Lease expense for operating leases is recognized on a straight-line basis over the lease term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zQ5VR4c4PXA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zwIrxRmKOTT7">Fair Value Measurements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures certain financial assets and liabilities at fair value at each reporting date using a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level</span> <span style="font-family: Times New Roman, Times, Serif">1</span></td> <td style="text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">—</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 81pt; text-align: justify; text-indent: -45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2</span></td> <td style="text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">—</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other inputs that are directly or indirectly observable in the marketplace.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3</span></td> <td style="text-align: center; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">—</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Unobservable inputs that are supported by little or no market activity.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants and the second closing forward contracts described in Note 15 are not indexed to the Company’s own stock and do not qualify for equity classification. Both are recognized at fair value and remeasured at each reporting date, with changes in fair value recognized in the statements of operations. The Warrants are classified as liabilities, while the forward contracts are presented as assets or liabilities depending on their fair value at the measurement date. The Company measures the preferred stock warrant liability, the preferred stock forward liability and the equity incentive share liability described in Note 14 at fair value on a recurring basis and has determined these are Level 3 instruments in the fair value hierarchy. Refer to Note 16 for the significant inputs used to determine their fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--StockholdersEquityNoteRedeemablePreferredStockIssuePolicy_ztgeCb3FSOM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zKVBbkJh6yO6">Series A Preferred Stock</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company classifies its Series A Preferred Stock in permanent stockholders’ equity (deficit). The Series A Preferred Stock is not redeemable at the option of the holder, is not subject to mandatory redemption and does not contain any other provision that could require the Company to deliver cash or other assets outside of a liquidation of the Company. Proceeds allocated to the Series A Preferred Stock, are recorded at the allocated amount, net of issuance costs, and are not subsequently remeasured. When the fair value of the liability-classified instruments issued with the Series A Preferred Stock exceeds the proceeds received, no proceeds are allocated to the Series A Preferred Stock and the excess is recognized as a loss on issuance in the statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zu0nCGVzm61j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_ztzmLbHaf5m8">Segment Reporting</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating segments are identified as components of an enterprise for which separate discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has determined that it operates as a single operating and reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company has one operating segment and one reportable segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zorF49t8I0hl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently Adopted Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> <span id="xdx_864_zHLCSLiBvCf4" style="display: none">Recent Accounting Pronouncements</span> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no new accounting standards adopted during the six months ended June 30, 2026 that materially affected the Company’s financial statements or disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_zEjPdbx2ujT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zbCOMa3tPBEj">Recently Issued Accounting Pronouncements Not Yet Adopted</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to the financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements may be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to its financial statements.</span></p> <p id="xdx_809_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_z5jhSXxIQMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82B_zoSEXIsmPEec" style="display: none">Going Concern</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GOING CONCERN</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred significant losses and negative cash flow from operations since inception and has limited liquidity, with a cash balance of $<span id="xdx_90F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20260630_zLHN7CdWRPBh" title="Cash balance">974,756</span> as of June 30, 2026. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that these financial statements are issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since inception, the Company has focused on developing and implementing its business plan. The Company believes that its existing cash resources will not be sufficient to sustain operations for one year after the date that these financial statements are issued. The Company currently needs to obtain financing through the sale of debt and/or equity securities in order to sustain its operations. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 2, 2026, the Company has a cash position of approximately $<span id="xdx_908_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20260902__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zbrPFvAkVp9i">1.2 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Based upon the current cash position and the Company’s planned expense run rate, management believes the Company’s funds are sufficient to finance its operations into the fourth quarter of 2026, which is less than one year after the date these financial statements are issued. The 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 974756 1200000 <p id="xdx_803_ecustom--DeferredMergerAndFinancingCostsDisclosureTextBlock_zDllfWu9iEt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_82C_zluz1AzLyxEd" style="display: none">Deferred Merger And Financing Costs</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFERRED MERGER AND FINANCING COSTS</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_ecustom--DeferredAndFinancingCostsTextBlock_ztMY0Od5Yptc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred and financing costs consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zukZPTkOwqWf" style="display: none">Schedule of Deferred and Financing Costs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20260630_zunR4vbQsU0a" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49B_20251231_zSnBYewiJT68" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredMergerTransactionCostsMember_zABvywdlMZw" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred merger transaction costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">573,358</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2857">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredSeriesAPreferredOfferingCostsMember_zsZJN8CHyub6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred Series A Preferred offering costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,043</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2860">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredConvertibleNoteFinancingCostsMember_zh5gTnUbCmId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred convertible note financing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,660</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2863">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredAdditionalBridgeNotesCommitmentCostsMember_zF0hjwmxU4f5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Deferred additional bridge notes commitment costs</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,736</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2866">-</span></span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredCostsCurrent_iI_zUybHO5XNANc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Merger And Financing Costs</b></span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">630,797</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2869">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p id="xdx_8AB_zpwRpxfVrsMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has deferred certain costs relating to the proposed merger agreement and to planned future financings. See Note 13 – Proposed Merger Agreement, Note 14 – Convertible Notes Payable and Note 15 – Series A Preferred Stock Private Placement Offering for additional information.</span></p> <p id="xdx_89C_ecustom--DeferredAndFinancingCostsTextBlock_ztMY0Od5Yptc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred and financing costs consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zukZPTkOwqWf" style="display: none">Schedule of Deferred and Financing Costs</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20260630_zunR4vbQsU0a" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49B_20251231_zSnBYewiJT68" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredMergerTransactionCostsMember_zABvywdlMZw" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred merger transaction costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">573,358</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2857">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_405_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredSeriesAPreferredOfferingCostsMember_zsZJN8CHyub6" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred Series A Preferred offering costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">34,043</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2860">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredConvertibleNoteFinancingCostsMember_zh5gTnUbCmId" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred convertible note financing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,660</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2863">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40C_eus-gaap--DeferredCostsCurrent_iI_hus-gaap--FinancialInstrumentAxis__custom--DeferredAdditionalBridgeNotesCommitmentCostsMember_zF0hjwmxU4f5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Deferred additional bridge notes commitment costs</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">13,736</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2866">-</span></span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_403_eus-gaap--DeferredCostsCurrent_iI_zUybHO5XNANc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deferred Merger And Financing Costs</b></span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">630,797</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2869">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> 573358 34043 9660 13736 630797 <p id="xdx_807_ecustom--DisclosureOfPrepaidExpensesTextBlock_zVNCKCzpHxe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_822_zQTPITwEmUPb" style="display: none">Prepaid Expenses and Other Current Assets</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PREPAID EXPENSES</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p id="xdx_89C_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zzdPGMMFUFSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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_8B0_zwGBAL3xdrje" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20260630_z7O1QwO2aKlg" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20251231_zHXLYv7ia1g" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--PrepaidRent_iI_maPECzBAw_zD5CNQ5IEWc3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Rent</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">108,202</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2876">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--LegalRetainerFees_iI_maPECzBAw_zWii0fNurX88" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal retainer fees</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">75,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2879">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--ResearchProjects_iI_maPECzBAw_zJPEkucm9AV4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research projects</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,417</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2882">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--ConsultantsAndProfessionalFees_iI_maPECzBAw_zMdJM0iPR6Ra" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Consultants and professional fees</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,750</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2885">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzBAw_zTuWq0suPf1h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,729</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2888">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_mtPECzBAw_zgRDQzHnPna1" style="vertical-align: bottom; background-color: White"> <td style="display: none; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">264,098</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2891">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A8_zlIlLot2v3W7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zzdPGMMFUFSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid expenses consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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_8B0_zwGBAL3xdrje" style="display: none">Schedule of Prepaid Expenses and Other Current Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49E_20260630_z7O1QwO2aKlg" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_499_20251231_zHXLYv7ia1g" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--PrepaidRent_iI_maPECzBAw_zD5CNQ5IEWc3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif">Rent</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">108,202</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2876">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--LegalRetainerFees_iI_maPECzBAw_zWii0fNurX88" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal retainer fees</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">75,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2879">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_ecustom--ResearchProjects_iI_maPECzBAw_zJPEkucm9AV4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Research projects</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">52,417</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2882">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_408_ecustom--ConsultantsAndProfessionalFees_iI_maPECzBAw_zMdJM0iPR6Ra" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Consultants and professional fees</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">16,750</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2885">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzBAw_zTuWq0suPf1h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Other</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,729</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2888">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_mtPECzBAw_zgRDQzHnPna1" style="vertical-align: bottom; background-color: White"> <td style="display: none; padding-bottom: 2.5pt">Total prepaid expenses and other current assets</td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">264,098</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2891">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 108202 75000 52417 16750 11729 264098 <p id="xdx_80C_eus-gaap--AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_z0ZMDBeTYqQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_821_zqwdrjGS3HCl" style="display: none">Accrued Expenses and Other Current Liabilities</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ACCRUED EXPENSES</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p id="xdx_896_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zitSxbza1qWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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_8B2_zht7iFFukD04" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20260630_zrvdpipX8rT1" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20251231_zwISLl6mQe81" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--AccruedExchangeFeeRebateCurrentAndNoncurrent_iI_maALCzWj2_zT9qIZlgS9K9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Consultant and professional fees</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">392,924</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--ExternalResearchAndDevelopmentExpenses_iI_maALCzWj2_z7Txp4dcdEKj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">External research and development expenses</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">288,804</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2901">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzWj2_zn3IvDvWOsm2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total accrued expenses </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">681,728</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AC_zMAydUJrdOmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock_zitSxbza1qWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses consisted of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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_8B2_zht7iFFukD04" style="display: none">Schedule of Accrued Expenses and Other Current Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20260630_zrvdpipX8rT1" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_494_20251231_zwISLl6mQe81" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--AccruedExchangeFeeRebateCurrentAndNoncurrent_iI_maALCzWj2_zT9qIZlgS9K9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Consultant and professional fees</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">392,924</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_ecustom--ExternalResearchAndDevelopmentExpenses_iI_maALCzWj2_z7Txp4dcdEKj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">External research and development expenses</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">288,804</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2901">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_404_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzWj2_zn3IvDvWOsm2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total accrued expenses </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">681,728</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18,000</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 392924 18000 288804 681728 18000 <p id="xdx_809_eus-gaap--ShortTermDebtTextBlock_z9jhdRGdR4M9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_820_zLMdBYnAyoL6" style="display: none">Short Term Loan</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHORT TERM LOAN</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 12, 2026, the Company received $<span id="xdx_90C_eus-gaap--ShortTermBorrowings_iI_c20260212__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z5xqiPEMyDq3" title="Short term loan">100,000</span> from an unrelated third-party investor in advance of negotiations regarding a larger financing. The Company ultimately entered into a Convertible Notes Payable (See Note 14) and the Series A Preferred Stock Private Placement Offering (Note 15) in lieu of accepting the unrelated third-party investor’s proposed financing terms, and as a result, the Company expects to return the $<span id="xdx_90C_eus-gaap--ShortTermBorrowings_iI_c20260212__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember_z61ln4GE8qeb" title="Short term loan">100,000</span> prior to the closing of the Merger, unless the investor agrees to invest such funds in the Series A Preferred Financing Stock Private Placement Offering. The $<span id="xdx_90B_eus-gaap--ShortTermBorrowings_iI_c20260630_zV82xoirECs8" title="Short term loan">100,000</span> is recorded as a short-term, unsecured, non-interest-bearing obligation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> 100000 100000 100000 <p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z1CsYpUwWgJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_821_zlBKkSpl0q96" style="display: none">Common Stock</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"><b>8.</b></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> COMMON STOCK</b></span></td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 15, 2024, the Company filed its certificate of incorporation, which authorized the Company to issue up to <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zij26iPDTln6" title="Common stock, shares authorized">6,000,000</span> shares of Class A common stock, $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrAjPvHWq0jh" title="Common stock, par or atated value per share">0.00001</span> par value per share, <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_za8gqYlCSdbb" title="Common stock, shares authorized">1,000,000</span> shares of Class B common stock, $<span id="xdx_908_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20241015__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z0tOP3dvzOC8" title="Common stock, par or atated value per share">0.00001</span> par value per share and <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20241015_ztVNhB867ZM8" title="Preferred stock, shares authorized">1,000</span> shares of preferred stock, $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20241015_zd3N7vfWWgmj" title="Preferred stock, par or atated value per share">0.00001</span> par value per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 24, 2026, the Company amended and restated its certificate of incorporation to authorize additional shares of common stock and preferred stock. The total number of shares that Eos is authorized to issue is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90C_eus-gaap--CapitalUnitsAuthorized_iI_pid_c20260424_zsT3doTPn6o5" title="Shares authorized">13,000,000</span>, of which <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_904_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z9Kk7ckJJ708" title="Common stock, shares authorized">10,000,000</span> shares are Class A common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_902_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zeYsO22QOqN8" title="Preferred stock, shares authorized">1,000,000</span> shares are Class B common stock, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260424_z58ahWdmppWi" title="Preferred stock, shares authorized">2,000,000</span> shares are preferred stock, and of such preferred stock, <span id="xdx_908_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260424__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zVsZ0hZU9j96" title="Preferred stock, shares authorized">1,900,000</span> shares of which are designated as Series A Preferred Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026 and December 31, 2025, there were <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zo4reg8gLRrf" title="Common stock, shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zdViO79Ax4q6" title="Common stock, shares outstanding"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zzDEixGRWE8f" title="Common stock, shares issued"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zBYs1xWogrrb" title="Common stock, shares outstanding">4,000,000</span></span></span></span> shares of Class A common stock issued and outstanding and <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zsWCthFGykbk" title="Common stock, shares issued"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLtwqgsVrkwh" title="Common stock, shares outstanding"><span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zXpm8ql9g1h4" title="Common stock, shares issued"><span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zbPAkEL9vyEk" title="Common stock, shares outstanding">1,000,000</span></span></span></span> shares of Class B common stock issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each share of Class A common stock entitles the holder to one vote per share. Each share of Class B common stock entitles the holder to ten votes per share. Voting is the only economic or non-economic difference between Class A and Class B common stock. Each holder of Series A Preferred Stock vote together with the holders of Class A common stock as a single class on an as-converted basis, with each share of Series A Preferred Stock entitled to one vote for each share of Class A common stock into which it is convertible. Common stockholders are entitled to receive dividends, when and if declared by the Company’s Board of Directors, subject to the preferential dividend rights of any outstanding preferred stock. To date, no cash dividends have been declared or paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Class B common stock is automatically convertible into Class A common stock upon the election of the holder or in the event of a non-permitted transfer. Except for permitted transfers, including transfers in connection with a merger, consolidation, or other business combination with a third-party purchaser, stockholders are restricted from transferring their shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of these restrictions, a “transfer” generally includes any direct or indirect sale, transfer, assignment, pledge, encumbrance, hypothecation, or similar disposition of common stock or preferred stock, whether voluntary or involuntary, including by operation of law, as well as entering into an agreement or arrangement with respect to any such disposition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 6000000 0.00001 1000000 0.00001 1000 0.00001 13000000 10000000 1000000 2000000 1900000 4000000 4000000 4000000 4000000 1000000 1000000 1000000 1000000 <p id="xdx_806_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zfc5n8TAYPz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_829_zeu1U6AXVCIk">Stock-based Compensation</span></span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STOCK OPTIONS AND WARRANTS</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024 Equity Incentive Plan</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 24, 2024, the Company’s Board of Directors (the “Board of Directors”), adopted and the Company’s stockholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). The 2024 Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units. The total number of securities reserved for issuance under the 2024 Plan is <span id="xdx_903_ecustom--CommonStockCapitalSharesReserved_iI_c20241024__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zNHfedYSrkFk" title="Total number of securities reserved for issuance">882,353</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2024 Plan is administered by a committee consisting of one or more members of the Board of Directors (the “Committee”). In the absence of a committee, the Board of Directors will act as the Committee. The exercise prices, vesting periods and other restrictions are determined at the discretion of the Committee, except that the exercise price per share of options may not be less than 100% of the fair market value of the common stock on the date of grant. Stock options awarded under the 2024 Plan expire 10 years after the grant date, unless the Board of Directors sets a shorter term. Awards granted to employees, officers, members of the Board of Directors and consultants typically vest upon achieving certain milestones or over a period of one to four years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, the Company granted to employees, directors and consultants options to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zHsTokVKUY23" title="Purchase of options granted shares">164,704</span> shares of common stock, with a fair value of $<span id="xdx_906_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20260101__20260630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zzojL9ENTcgc" title="Share granted fair value">521,322</span>. Of the <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z75iwd7pT0vh" title="Purchase of options granted shares">164,704</span> options granted during the six months ended June 30, 2026, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20260630_zWec7UTvwhXh" title="Number shares of vested">129,412</span> will vest over <span id="xdx_903_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm_dtM_c20260101__20260630_zjre8iZ05uha" title="Options vested term">12</span> months and the remaining <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20251231_z8SDH9po9qfd" title="Number shares of vested">35,292</span> options will vest over <span id="xdx_90C_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm_dc_c20250101__20251231_zlDbAKKGlXxk" title="Options vested term">four years</span>. There were no options granted during the three months ended June 30, 2026 and 2025. During the three months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense related to options granted to employees, directors and consultants of $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260401__20260630_zoRL3NV3niOl" title="Purchase of options granted shares">32,848</span> and $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250401__20250630_ziBFYITmJu53" title="Purchase of options granted shares">86</span>, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded stock-based compensation expense related to options granted to employees, directors and consultants of $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20260101__20260630_z91cpqRU14D7" title="Purchase of options granted shares">40,303</span> and $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250630_zaj6Q3uqk7Zj" title="Purchase of options granted shares">172</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2025, the Company granted to employees, directors and consultants options to purchase <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z7y4JZS1n4kg" title="Purchase of options granted shares">528,529</span> shares of common stock, with a fair value of $<span id="xdx_908_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20250101__20250630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_z0LqwOY2BLxk" title="Share granted fair value">5,285</span>. Of the <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_ztPoGjZbUxT6" title="Purchase of options granted shares">528,529</span> options granted, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_c20250630__srt--TitleOfIndividualAxis__custom--EmployeesDirectorsAndConsultantsMember_zgCMNc0pd3Of" title="Purchase of options vested shares">505,000</span> shares of common stock contain both service and performance-based vesting conditions. The options vest over a term of four years, subject to either the closing of a Qualified Financing or the execution of a licensing or collaboration agreement whereby the majority of the Company’s board votes that such transaction is considered to be a Validating event. <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationDescriptionAndTerms_c20250101__20250630_z1oXFomgZba" title="Share based compensation description">Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the three and six months ended June 30, 2026 and 2025 because the performance condition was not considered probable of achievement as of June 30, 2026 and June 30, 2025. The remaining <span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionGrantsInPeriod_c20250101__20250630_zaN4adfEXrc8" title="Purchase of options granted shares">23,529</span> options granted during the six months ended June 30, 2025 will vest over a period of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20250101__20250630__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zY5yNvOU2gg9" title="Vesting period">four years</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zu8vKri6AJAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of stock option activity under the stock option plans for the six months ended June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zwJ2IeEf3Bl2">Schedule of Stock Option Activity</span> </span><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 0pt 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number of Shares</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted Average Exercise Price</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted Average Remaining Contractual Term</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Intrinsic Value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of December 31, 2025</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKhUr8xR3lPf" style="width: 14%; text-align: right" title="Number of Shares, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">683,990</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQRadpwwxpn3" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20251015__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zuQ8qTDhosSk" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjKa5LCvWbXc" style="width: 14%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3002">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zIE7B4HH5azi" style="text-align: right" title="Number of Shares, Granted"><span style="font-family: Times New Roman, Times, Serif">164,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zButwooi60A5" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="font-family: Times New Roman, Times, Serif">3.65</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ziUkZ22W1t7f" style="text-align: right" title="Number of Shares, Exercised"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3008">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjLo6qebUUT1" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3010">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Forfeited</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zINjbZP34rEk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Forfeited or expired"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3012">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKt5QeX8pgf7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3014">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of June 30, 2026</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zHxUcut6Phcb" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">848,694</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zewubJvfHp9d" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">0.72</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zL41oxWyH0t8" title="Weighted Average Remaining Contractual Term (Years), Outstanding">8.82</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zpxpMnIXxIj3" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="font-family: Times New Roman, Times, Serif">13,819,700</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Exercisable as of June 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgYs8zyNUn5c" style="text-align: right" title="Number of Shares, Exercisable"><span style="font-family: Times New Roman, Times, Serif">59,518</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgpjXZZm3XW" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zAlLLwOyp6g2" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.49</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zTT1mn7uwZu1" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="font-family: Times New Roman, Times, Serif">1,011,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Vested and expected to vest as of June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zi8IYFdTyQuf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Vested and expected to vest"><span style="font-family: Times New Roman, Times, Serif">848,694</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7l1pRdqq1Ob" style="padding-bottom: 1pt; text-align: right" title="Vested and expected to vest, Exercisable"><span style="font-family: Times New Roman, Times, Serif">0.72</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zCitTS20Lxvc" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">8.82</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zkcXDQrja9lj" style="padding-bottom: 1pt; text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest"><span style="font-family: Times New Roman, Times, Serif">13,819,700</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A6_zdjMKap2oW98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the estimated fair value of the Company’s common stock of $<span id="xdx_909_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKyCRTvy3Rzl" title="Vested and expected to vest, Exercisable">17.00</span> and $<span id="xdx_902_eus-gaap--StockOptionExercisePriceIncrease_c20250101__20250630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z0M2bwNZqCb2" title="Vested and expected to vest, Exercisable">0.01</span> as of June 30, 2026 and 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2026, there was $<span id="xdx_904_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_c20260101__20260630_zxzyrMsPNgde" title="Employee benefits and share based compensation">487,504</span> of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630_zDnSkFDlZpJi" title="Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term">2.3</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock Option Valuation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. Expected volatility is estimated based on the historical volatility of guideline public companies in the Company’s industry, as the Company is privately held and does not have its own trading history. For awards that meet the “plain vanilla” criteria, the Company uses the SEC simplified method to estimate the expected term. However, for awards whose exercisability is subject to a performance condition are considered not to meet the “plain vanilla” criteria. Accordingly, the Company did not use the simplified method for those awards. In the absence of sufficient historical exercise data management used the contractual term as the expected term for valuation purposes for such awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The weighted average grant-date fair value of options granted during the six months ended June 30, 2026 and 2025 was $<span id="xdx_90B_eus-gaap--SharePrice_iI_c20260630_zToL8HZ5gTn6" title="Share price">3.17</span> and $<span id="xdx_90F_eus-gaap--SharePrice_iI_c20250630_zejxub31oATk" title="Share price"><span>0.01</span></span>, respectively. The Company estimated the fair value of the Company’s common stock granted during the six months ended June 30, 2026 to be $<span id="xdx_907_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260630_zZSldtHlqT21" title="Exercise price">17.00</span>. Management estimated the fair value of the common stock of $<span id="xdx_907_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260630_zkPfaXpTJAfa" title="Exercise price">17.00</span> by reference to the $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260101__20260630_zAfyx7LEGSEc" title="Equity value">100,000,000</span> equity value attributed to the Company in the Merger Agreement with Pulmatrix, Inc., which was negotiated at arm’s length in March 2026, when the Company’s capital consisted solely of common stock and options, and which equates to approximately $<span id="xdx_904_eus-gaap--SharePrice_iI_c20260331_z9dUnxt2Koei" title="Fully diluted share">17</span> per fully diluted share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company estimated the fair value of the Company’s common stock granted during the six months ended June 30, 2025 to be $<span id="xdx_904_eus-gaap--SharePrice_iI_c20250630_zFXTTaw9omzg" title="Share price">0.01</span>, which was based primarily on the 409A valuation reports of Eos’s owner, SENOTHERAPEUTIX, Inc. (“SENOTHERAPEUTIX”), a Delaware registered company. The strike price of the options was $<span id="xdx_904_eus-gaap--SharePrice_iI_c20250630_z1UFjYCkReR8" title="Share price">0.01</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zr3wSi6zGum2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the six months ended June 30, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zdnMCgd5AiLj">Schedule of Grant-Date Fair Value of Stock Options</span> </span><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Six Months Ended June 30,</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20260101__20260630_zEWSoj9hIWed" title="Risk-free interest rate">3.78</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20250101__20250630_zgmtK3QUhwpk" title="Risk-free interest rate">4.25</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term (in years)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260101__20260630_zgfwYE9GhNv8" title="Expected term (in years)">5.62</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250630_zvyFhdh6De8b" title="Expected term (in years)">9.83</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected volatility</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20260101__20260630_zytx1fRMHmDj" title="Expected volatility">109.3</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20250101__20250630_zMxCHB9XHGmg" title="Expected volatility">112.3</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected dividend yield</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20260101__20260630_zug7PirmGmE4" title="Expected dividend yield">0.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20250101__20250630_z7W00hjbAs18" title="Expected dividend yield">0.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p id="xdx_8A0_zreyXdlKyGAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p> 882353 164704 521322 164704 129412 P12M 35292 P4Y 32848 86 40303 172 528529 5285 528529 505000 Upon the closing of either a Qualified Financing or Validating event, 25% of the grants will vest immediately and the remaining shares will vest ratably over the following 36 months. No compensation expense related to these options was recognized during the three and six months ended June 30, 2026 and 2025 because the performance condition was not considered probable of achievement as of June 30, 2026 and June 30, 2025. The remaining 23,529 options granted during the six months ended June 30, 2025 will vest over a period of four years. 23529 P4Y <p id="xdx_895_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zu8vKri6AJAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a summary of stock option activity under the stock option plans for the six months ended June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zwJ2IeEf3Bl2">Schedule of Stock Option Activity</span> </span><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 0pt 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number of Shares</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted Average Exercise Price</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Weighted Average Remaining Contractual Term</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Intrinsic Value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of December 31, 2025</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKhUr8xR3lPf" style="width: 14%; text-align: right" title="Number of Shares, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">683,990</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQRadpwwxpn3" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20251015__20251231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zuQ8qTDhosSk" title="Weighted Average Remaining Contractual Term (Years), Outstanding">9.14</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjKa5LCvWbXc" style="width: 14%; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3002">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zIE7B4HH5azi" style="text-align: right" title="Number of Shares, Granted"><span style="font-family: Times New Roman, Times, Serif">164,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zButwooi60A5" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="font-family: Times New Roman, Times, Serif">3.65</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ziUkZ22W1t7f" style="text-align: right" title="Number of Shares, Exercised"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3008">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zjLo6qebUUT1" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3010">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Forfeited</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zINjbZP34rEk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Forfeited or expired"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3012">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zKt5QeX8pgf7" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited or expired"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3014">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Outstanding as of June 30, 2026</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zHxUcut6Phcb" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">848,694</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zewubJvfHp9d" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Balance"><span style="font-family: Times New Roman, Times, Serif">0.72</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zL41oxWyH0t8" title="Weighted Average Remaining Contractual Term (Years), Outstanding">8.82</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zpxpMnIXxIj3" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Balance"><span style="font-family: Times New Roman, Times, Serif">13,819,700</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Exercisable as of June 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgYs8zyNUn5c" style="text-align: right" title="Number of Shares, Exercisable"><span style="font-family: Times New Roman, Times, Serif">59,518</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgpjXZZm3XW" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Exercisable"><span style="font-family: Times New Roman, Times, Serif">0.01</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zAlLLwOyp6g2" title="Weighted Average Remaining Contractual Term (Years), Exercisable">8.49</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zTT1mn7uwZu1" style="text-align: right" title="Aggregate Intrinsic Value, Exercisable"><span style="font-family: Times New Roman, Times, Serif">1,011,306</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Vested and expected to vest as of June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zi8IYFdTyQuf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Vested and expected to vest"><span style="font-family: Times New Roman, Times, Serif">848,694</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iI_pid_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7l1pRdqq1Ob" style="padding-bottom: 1pt; text-align: right" title="Vested and expected to vest, Exercisable"><span style="font-family: Times New Roman, Times, Serif">0.72</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dtY_c20260101__20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zCitTS20Lxvc" title="Weighted Average Remaining Contractual Term (Years), Vested and expected to vest">8.82</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue_iI_c20260630__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zkcXDQrja9lj" style="padding-bottom: 1pt; text-align: right" title="Aggregate Intrinsic Value, Vested and expected to vest"><span style="font-family: Times New Roman, Times, Serif">13,819,700</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 683990 0.01 P9Y1M20D 164704 3.65 848694 0.72 P8Y9M25D 13819700 59518 0.01 P8Y5M26D 1011306 848694 0.72 P8Y9M25D 13819700 17.00 0.01 487504 P2Y3M18D 3.17 0.01 17.00 17.00 100000000 17 0.01 0.01 <p id="xdx_89F_eus-gaap--ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValueTableTextBlock_zr3wSi6zGum2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the six months ended June 30, 2026 and 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zdnMCgd5AiLj">Schedule of Grant-Date Fair Value of Stock Options</span> </span><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Six Months Ended June 30,</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Risk-free interest rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20260101__20260630_zEWSoj9hIWed" title="Risk-free interest rate">3.78</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20250101__20250630_zgmtK3QUhwpk" title="Risk-free interest rate">4.25</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected term (in years)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20260101__20260630_zgfwYE9GhNv8" title="Expected term (in years)">5.62</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250630_zvyFhdh6De8b" title="Expected term (in years)">9.83</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected volatility</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20260101__20260630_zytx1fRMHmDj" title="Expected volatility">109.3</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate_dp_uPure_c20250101__20250630_zMxCHB9XHGmg" title="Expected volatility">112.3</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Expected dividend yield</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20260101__20260630_zug7PirmGmE4" title="Expected dividend yield">0.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20250101__20250630_z7W00hjbAs18" title="Expected dividend yield">0.00</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> 0.0378 0.0425 P5Y7M13D P9Y9M29D 1.093 1.123 0.0000 0.0000 <p id="xdx_801_eus-gaap--IncomeTaxDisclosureTextBlock_z2lmiwKM9d61" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_826_zIcXRCn7BF97">Income Taxes</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INCOME TAXES</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. No such adjustment was made as of June 30, 2026 or June 30, 2025. The Company’s effective federal and state tax rate for each of the three and six months ended June 30, 2026 and 2025 was <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal_dp_uPure_c20260401__20260630_zJVpAgKPBDx7" title="Effective federal and state tax rate"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal_dp_uPure_c20260101__20260630_zUqVcV0IQfX7" title="Effective federal and state tax rate"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal_dp_uPure_c20250401__20250630_zwkBTJ67MCDa" title="Effective federal and state tax rate"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal_dp_uPure_c20250101__20250630_zExyBuNZT0n4" title="Effective federal and state tax rate">0</span></span></span></span>%, and the Company did not record any income tax expense or benefit during each of the three or six months ended June 30, 2026 and 2025, primarily as a result of estimated net operating losses for the fiscal year to date offset by the increase in the valuation allowance against its deferred tax asset. All losses before income taxes arose in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> 0 0 0 0 <p id="xdx_804_eus-gaap--LesseeOperatingLeasesTextBlock_zzIL8ZGio3wc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_820_zgFBoTKqgWr1" style="display: none">Leases</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING LEASE</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, the Company entered into a license agreement (the “License”) with K2 Biolabs, Inc., (“K2”), an entity in which the Company’s Chairman and Chief Executive Officer has ownership interests, under which the Company will license a combination of common and dedicated office and laboratory space at K2’s premises in Houston, TX. The initial License term is approximately 13 months, commencing on April 1, 2026, and may be automatically extended at the end of the initial term or any other extension term for a 12-month period. Monthly license payments are $<span id="xdx_90F_ecustom--LicensePayments_c20260401__20260430_zhW8Q205IOZ" title="License payments">83,042</span> <span id="xdx_906_ecustom--AgreementsDescription_c20260401__20260430_zPKBgkg1xGIe" title="Agreements description">(plus any applicable taxes), which are subject to a 4% annual increase each year. The Company may terminate the License for convenience, and without penalty, with 60 days’ written notice prior to the License expiration date. If the Company terminates the License during the initial term or any extension term, the Company will be subject to a termination fee. The termination fee will be calculated based on how much advance notice the Company provides to K2. If the notice period prior to the license termination date is greater than nine months the termination fee will be 80% of the remaining license fee. If the notice period is six to nine months prior to the license termination date the termination fee will be 60% of the remaining license fee and if the notice period is one month to six months prior to the license termination date the termination fee will be 50% of the remaining license fee. See Note 12 – Related Party Transactions, for additional information.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because the License contains common and dedicated office and laboratory space, the Company considered whether there were any non-lease components according to ASC 842. Under terms of the License, the dedicated space satisfies the requirements to be considered a lease as the space is a physically distinct portion of the premises over which K2 has no substantive right, the Company obtains substantially all of the economic benefits through exclusive, 24-hour use and captures its own research output, and the Company decides what research to perform and how the space is used and can change those decisions throughout the term. As a result, the Company determined the dedicated space should be accounted for as a lease under ASC 842. In regard to the shared office and laboratory space, the Company shares the rooms with a third party and pays only 80% of the vivarium price for shared housing; therefore, the Company lacks exclusive use and does not obtain substantially all of the economic benefits under ASC 842. Additionally, the shared laboratory space cannot be accessed without K2 supervision, is classified as Scheduled Equipment/Labs, and is operated by K2 under its own SOPs, with access gated on K2-directed training. Since K2, not the Company, directs the use of the shared laboratory space the Company does not control that shared laboratory space therefore that portion of the License does not fall under ASC 842.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determined the rent allocated to the dedicated lab and office space that falls within ASC 842 is $<span id="xdx_901_eus-gaap--PaymentsForRent_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--K2BiolabsIncMember_zLwmdb9FA6uk" title="Rent">31,350</span> per month. At commencement of the lease, the Company recognized an operating lease ROU asset of $<span id="xdx_90A_eus-gaap--OperatingLeaseRightOfUseAsset_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--K2BiolabsIncMember_zVNQ9l1p3ii" title="Operating lease ROU asset">389,076</span> and a lease liability of $<span id="xdx_90E_eus-gaap--OperatingLeaseLiability_iI_c20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--K2BiolabsIncMember_zkUfJVNHK3u4" title="Operating lease liability">357,726</span> at the present value of the fixed dedicated-space payments <span id="xdx_900_eus-gaap--LesseeOperatingLeaseVariableLeasePaymentTermsAndConditions_c20260101__20260630_zEaRJ61iERoc">(approximately $<span id="xdx_901_eus-gaap--PaymentsForRent_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--K2BiolabsIncMember_zklxWvpX5hNe" title="Rent">31,350</span> per month over 13 months, reflecting the 4% escalation), discounted for a 10% incremental borrowing rate.</span> The remaining $<span id="xdx_90D_eus-gaap--PaymentsForRent_c20260101__20260630_zoAiTvDZp71j" title="Rent">51,692</span> per month for the shared laboratory space are excluded and is expensed on a straight-line basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three and six months ended June 30 2026, the Company paid $<span id="xdx_90B_eus-gaap--PaymentsForRent_c20260401__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeAndLaboratoryMember_zX4yp26hoRz">155,076</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the shared office and laboratory space and $<span id="xdx_905_eus-gaap--PaymentsForRent_c20260101__20260630__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--OfficeAndLaboratoryMember_zo7eROWSPQfe">94,050</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the dedicated office and laboratory space accounted for under ASC 842. There were no such costs during the three and six months ended June 30, 2025. As of June 30, 2026, the operating lease right-of-use and operating lease liability amounted to $<span id="xdx_90B_eus-gaap--OperatingLeaseRightOfUseAsset_iI_c20260630_zXRbPX5cUODl">302,969</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_906_eus-gaap--OperatingLeaseLiability_iI_c20260630_zADBxRQmjlU">303,258</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of calculating operating lease liability, lease term includes the initial term plus any term under renewal options that are reasonably assured. Any rent escalations, along with rent abatements, are included in the computation of rent expense calculated on a straight-line basis over the lease term. The interest rate implicit in lease contracts is typically not readily determinable, and as such, the Company uses the appropriate incremental borrowing rate based on information available at the lease commencement date in determining the present value of the lease payments. The current lease expires on May 1, 2027.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zf97YjOsK3c2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total undiscounted future minimum lease payments under the License as of June 30, 2026, by year and in aggregate, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zIkJMbphkqJ9" style="display: none">Schedule of Undiscounted Future Minimum Lease Payments</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Years Ending December 31,</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20260630_zUxQYOi0RRZd" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_zMmPnUcGvcm3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">188,100</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_z4cDDtDur1Sf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">126,654</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_z9e41futbLk2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total lease payments</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">314,754</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zlpq3ez2BN1g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: imputed interest</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(11,496</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_zIcdfP54pN5k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Present value of lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">303,258</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A4_zAO6DtgJsHo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 83042 (plus any applicable taxes), which are subject to a 4% annual increase each year. The Company may terminate the License for convenience, and without penalty, with 60 days’ written notice prior to the License expiration date. If the Company terminates the License during the initial term or any extension term, the Company will be subject to a termination fee. The termination fee will be calculated based on how much advance notice the Company provides to K2. If the notice period prior to the license termination date is greater than nine months the termination fee will be 80% of the remaining license fee. If the notice period is six to nine months prior to the license termination date the termination fee will be 60% of the remaining license fee and if the notice period is one month to six months prior to the license termination date the termination fee will be 50% of the remaining license fee. See Note 12 – Related Party Transactions, for additional information. 31350 389076 357726 (approximately $31,350 per month over 13 months, reflecting the 4% escalation), discounted for a 10% incremental borrowing rate. 31350 51692 155076 94050 302969 303258 <p id="xdx_89F_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zf97YjOsK3c2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total undiscounted future minimum lease payments under the License as of June 30, 2026, by year and in aggregate, are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B9_zIkJMbphkqJ9" style="display: none">Schedule of Undiscounted Future Minimum Lease Payments</span> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Years Ending December 31,</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_491_20260630_zUxQYOi0RRZd" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_zMmPnUcGvcm3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2026</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">188,100</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_z4cDDtDur1Sf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">2027</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">126,654</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_z9e41futbLk2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Total lease payments</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">314,754</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zlpq3ez2BN1g" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: imputed interest</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(11,496</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iTI_zIcdfP54pN5k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Present value of lease liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">303,258</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 188100 126654 314754 11496 303258 <p id="xdx_800_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zk0KFBRS89r9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_820_z6WUBYmO9cz6">Related Party Transactions</span></span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RELATED PARTY TRANSACTIONS</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>License and Service Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 9, 2026, the Company entered into a license and service agreement (the “Agreement”) with SENOTHERAPEUTIX to develop products (other than food, cosmetics or supplements) for the diagnosis, cure, mitigation, treatment, or prevention of disease in humans, other than cancer and neoplastic diseases and use in or with gene-therapy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the Agreement, SENOTHERAPEUTIX, has agreed to grant the Company a worldwide, exclusive, right and license to use certain SENOTHERAPEUTIX intellectual property to research, develop, make, use, sell, have sold, offer for sale and import products developed by the Company. Under the Agreement, the Company will own all Patents, know-how and other intellectual property rights in all technical information and materials invented, authored or otherwise created in connection with the performance of the Agreement (“Eos IP”). The Company also granted SENOTHERAPEUTIX a worldwide, exclusive, right and license, under the Eos IP to practice such Eos IP for the conduct of any SENOTHERAPEUTIX development program and to make, use, sell, have sold, offer for sale and import products or processes resulting from, created in or developed by such programs. The intellectual property rights granted to each party are sublicensable pursuant to a written sublicense agreement which shall be consistent with, and conform to, the terms and conditions of the Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the Agreement, SENOTHERAPEUTIX will provide to the Company general and administrative, research and development and other services agreed to by each party (the “Service Agreement”). The Service Agreement terminates upon the earlier of February 2029 and a change of control of Eos, for which the consummation of the merger transaction described herein will result in the termination of SENO’s obligation to provide such services. The Company will pay SENOTHERAPEUTIX’s fully burdened cost for providing the services plus ten percent or other such amounts agreed to by the Parties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90E_eus-gaap--BusinessAcquisitionDescriptionOfAcquiredEntity_c20260206__20260206_zh4SXVyP5iga" title="Business acquisition, description">Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones. Under the terms of the Agreement, the Company has also agreed to pay royalties of a mid-to-high single-digit percentage to SENOTHERAPEUTIX based on the Company, its affiliates or any sublicensees, on net sales of any product developed by the Company.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expenses Paid on Behalf of Company</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the three months ended June 30, 2026 and 2025, SENOTHERAPEUTIX paid $<span id="xdx_909_eus-gaap--RepaymentsOfDebt_c20260401__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_zE1UMj0B4e2j">107,022</span> and $<span id="xdx_908_eus-gaap--RepaymentsOfDebt_c20250401__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_zuzsFIFuxEPa">57,375</span>, respectively, in expenses on behalf of the Company. During the six months ended June 30, 2026 and 2025, SENOTHERAPEUTIX paid $<span id="xdx_904_eus-gaap--RepaymentsOfDebt_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_z6nPp6jGWUxd">432,148</span> and $<span id="xdx_90C_eus-gaap--RepaymentsOfDebt_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_z70U4dnlDKDf">136,050</span>, respectively, in expenses on behalf of the Company. These expenses were for regulatory, clinical and accounting consultants, payroll, rent, financial and strategic planning fees and legal costs. Since SENOTHERAPEUTIX does not require these amounts to be repaid, the amounts were credited to additional paid in capital as capital contributions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amended and Restated Securities Purchase Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During March 2026, the Company entered into a Amended and Restated Securities Purchase Agreement with RCM Eos Holdings, LLC, an affiliate of the Company. See Note 14, Convertible Notes Payable, for additional information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>License Agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">K2 is partially owned by the Company’s Chairman and Chief Executive Officer Dr. Slawin. He owns (a) approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_zkGxDtwdvqke" title="Ownership percentage">0.33</span>% of K2’s outstanding equity interests personally through an option grant for serving as a board member, and (b) SENOTHERAPEUTIX, an entity controlled by Dr. Slawin, holds approximately <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20260430__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--K2BiolabsIncMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SenotherapeutixMember_zHuC5tkUpoF6" title="Ownership percentage">3.33</span>% of K2’s outstanding equity interests. Eos obtained certain facility access through intercompany arrangements with SENOTHERAPEUTIX beginning in February 2026 with the execution of the Agreement by and between Eos and SENOTHERAPEUTIX; however, because such intercompany service arrangements terminate upon consummation of the Merger transaction with Pulmatrix, Eos entered into the K2 License Agreement to secure standalone facility access for its operations. In addition, Eos and SENOTHERAPEUTIX have arrangements relating to shared use of certain vivarium space at the K2 facility and allocation of related costs. See Note 11, Operating Lease, for additional information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> Pursuant to the Agreement, the Company, its affiliates or any sublicensees will pay SENOTHERAPEUTIX milestone payments upon the achievement of certain development, regulatory and commercial milestones of a product developed by the Company. The Agreement provides that the Company will pay up to $40 million in development and regulatory milestones and up to $75 million in commercial milestones. Under the terms of the Agreement, the Company has also agreed to pay royalties of a mid-to-high single-digit percentage to SENOTHERAPEUTIX based on the Company, its affiliates or any sublicensees, on net sales of any product developed by the Company. 107022 57375 432148 136050 0.0033 0.0333 <p id="xdx_80C_ecustom--ProposedMergerAgreementTextBlock_zFlQ6oUa6U2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span id="xdx_824_zNOAjUVokyel" style="display: none">Proposed Merger Agreement</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; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROPOSED MERGER AGREEMENT </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 26, 2026, the Company and Pulmatrix, Inc. (“Pulmatrix”), a biopharmaceutical public company that has been focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs, announced their intent to enter into a definitive merger agreement under which Pulmatrix will acquire Eos (the “Merger”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN1YnNlcXVlbnQgRXZlbnRzIChEZXRhaWxzIE5hcnJhdGl2ZSkA" id="xdx_902_ecustom--MergerAgreementsDescriptionAndTerms_c20260326__20260326_z3yfGruVRdi9" title="Merger agreements description">In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and $2,500,000 in Initial Bridge Notes (the “Initial Bridge Notes”) for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&amp;A advisory fees, the pre-Merger Pulmatrix common stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of placement agent and M&amp;A advisory fees, are expected to own approximately 94%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Merger will be accounted for as a reverse asset acquisition in accordance with GAAP. Under this method of accounting, Eos is considered to be the accounting acquirer for financial reporting purposes since immediately following the Merger: (i) Eos’s equity holders will own a substantial majority of the voting rights in the Combined Company; (ii) Eos’s largest stockholder will retain the largest interest in the Combined Company; (iii) Eos will designate all but one of the initial members of the Combined Company board of directors; and (iv) Eos’s executive management team will become the management of the Combined Company. Accordingly, the Merger is expected to be treated for accounting purposes as the equivalent of Eos issuing stock to acquire the net assets of Pulmatrix. As a result of Eos being treated as the accounting acquirer, Eos’s assets and liabilities will be recorded at their pre-combination carrying amounts and the net assets of Pulmatrix will be allocated a portion of the purchase price and recorded based on their relative fair values at the time of closing. Upon completion of the Merger, the historical financial statements of Eos will become the historical consolidated financial statements of Pulmatrix.</span></p> In connection with the Merger, the Company and Pulmatrix have entered into definitive agreements for concurrent private financings of $19 million in aggregate gross proceeds (the “Financings”), including a $1 million investment in Pulmatrix (the “Pulmatrix Investment”) from RCM Eos PIPE HOLDINGS LLC, a related party of Eos due to common control and $2,500,000 in Initial Bridge Notes (the “Initial Bridge Notes”) for the Company from RCM Eos Holdings, LLC, a related party of Eos due to common control both managed by Rapha Capital Management, LLC, a related party of Eos due to common control. The proceeds are expected to support advancement of the Company’s proprietary MitoXcel™ platform, including its lead clinical candidate, PTC-2105, for sarcopenia and sarcopenic obesity. The proposed Merger has been unanimously approved by the boards of directors of both companies and is currently expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the stockholders of each company and the effectiveness of a registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission. Following the closing of the proposed Merger and payment of all placement and M&A advisory fees, the pre-Merger Pulmatrix common stockholders are expected to own approximately 6% of the combined company, while pre-Merger Eos stockholders, including investors participating in the Financings and holders of shares issued in payment of placement agent and M&A advisory fees, are expected to own approximately 94% <p id="xdx_80F_eus-gaap--DebtDisclosureTextBlock_zRlyu93xutkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>CONVERTIBLE NOTES PAYABLE</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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"><b><span id="xdx_824_zuSnd9y3PgOl" style="display: none">Convertible Notes Payable</span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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"><b><span style="display: none"> </span></b></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p> <p id="xdx_898_ecustom--ScheduleOfConvertibleNotesPayableTableTextBlock_z1kC9oegXA35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes payable consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zXahYc5k6qr6" style="display: none">Schedule of Convertible Notes Payable</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20260630_zVprkJP6CjHf" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20251231_zQ2udM7hv3W5" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--ConvertibleNotesPayableCurrent_iI_maCLTNPzoWY_zSXUESo7MX9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible note payable, principal</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,500,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">      <span style="-sec-ix-hidden: xdx2ixbrl3146">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_di_msCLTNPzoWY_zzA1Zpki8pwa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: unamortized debt discount</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(125,480</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3149">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--ConvertibleLongTermNotesPayable_iTI_mtCLTNPzoWY_zaiGoAj6Zhia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes payable </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,374,520</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3152">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A2_zSc3wiFdeCBa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company issued $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_c20260101__20260630__us-gaap--LongtermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_z0xzEFK0MXH7" title="Convertible notes issued">2,500,000</span> of convertible promissory notes (the “Convertible Notes”) to RCM Eos Holdings, LLC, an affiliate of Eos, in two tranches: $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_c20260409__20260409__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember__us-gaap--LongtermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_z3H6Pq4VFkAi" title="Convertible notes issued">1,000,000</span> on April 9, 2026 and $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_c20260505__20260505__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember__us-gaap--LongtermDebtTypeAxis__custom--ConvertiblePromissoryNotesMember_z7Ude1QSDvpl" title="Convertible notes issued">1,500,000</span> on May 5, 2026. The Convertible Notes were issued under a securities purchase agreement entered into, and later amended, in connection with the Merger (as amended, the “Amended and Restated Securities Purchase Agreement”), under which RCM Eos Holdings committed an aggregate investment of $<span id="xdx_90F_eus-gaap--EquityMethodInvestmentAggregateCost_iI_pn6n6_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zDLodTY8Abuh" title="Aggeregate investment amount">18</span> million, subject to reduction for amounts funded and Series A Preferred Financing proceeds raised.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Convertible Notes mature on <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20260101__20260630_zc835L2Weu7e" title="Debt instrument, maturity date">October 9, 2027</span>, bear simple interest at <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20260630_zp74cgrytsE" title="Interest rate">8</span>% per annum payable at maturity (15% upon an event of default), and may be prepaid in full at Eos’s election. Immediately prior to the closing of the Merger, outstanding principal and accrued interest automatically convert into shares of Eos Class A Common Stock, which will in turn be exchanged for shares of the Combined Company in the Merger. If the Merger is not consummated, Eos may elect to convert the Convertible Notes upon an IPO or a Next Equity Financing, or at maturity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Amended and Restated Securities Purchase Agreement also provides for the issuance of Eos Class A Common Stock with an aggregate value of $<span id="xdx_908_eus-gaap--DebtInstrumentFaceAmount_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_znyGV5Vw2a9c" title="Debt instrument face amount">1,000,000</span> as an origination fee (the “Equity Incentive Shares”). Of the fee, $<span id="xdx_907_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zNktgwvqaJQb" title="Debt instrument unamortized discount amount">138,889</span> was recorded as a debt discount, $<span id="xdx_90A_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zZ3gNaEMdf8l" title="Deferred assets">138,889</span> as a deferred asset related to the Additional Bridge Notes commitment, and $<span id="xdx_90E_eus-gaap--PaymentsOfDebtIssuanceCosts_c20260101__20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zjCdq5DLRCdi" title="Debt issuance costs">722,222</span> was expensed at issuance because it related to the mandatory funding provision. The equity incentive shares are measured at fair value with changes recognized in earnings. The shares had not been distributed as of June 30, 2026. The related $<span id="xdx_905_eus-gaap--AssetRetirementObligationLegallyRestrictedAssetsFairValue_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zCchJVXez0fe" title="Liability measured at fair value">1,000,000</span> obligation is a liability measured at fair value and will be reclassified to stockholders’ equity (deficit) upon distribution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Amended and Restated Securities Purchase Agreement, Eos may require the purchasers to fund Additional Bridge Notes if Series A Preferred Financing proceeds have not reached $<span id="xdx_906_eus-gaap--PurchaseObligation_iI_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zhA0qTDpW2C2" title="Purchase obligation">2,500,000</span> within three months following the initial closing, and upon Merger approval the purchasers must fund the remainder of the $<span id="xdx_908_eus-gaap--PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear_iI_pn6n6_c20260630__us-gaap--TypeOfArrangementAxis__custom--AmendedAndRestatedSecuritiesPurchaseAgreementMember_zTcodDOVi0ya" title="Purchase obligation remainder of fiscal year">18</span> million commitment through purchases of Eos Class A Common Stock. The Company’s obligation under the mandatory funding provision is measured at fair value and was insignificant at June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended June 30, 2026, the Company recognized interest expense of $<span id="xdx_906_eus-gaap--InterestExpense_c20260101__20260630__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleNotesPayableMember_zzwRSDRpARyk" title="Interest expense">49,793</span> on the Convertible Notes, consisting of $<span id="xdx_90C_eus-gaap--IncreaseDecreaseInInterestPayableNet_c20260101__20260630_zv8rwOnzKBB2" title="Increase (decrease) in interest payable, net">36,384</span> of stated interest and $<span id="xdx_900_eus-gaap--AmortizationOfDebtDiscountPremium_c20260101__20260630_z3PnueOr6gl" title="Amortization of debt discount premium">13,409</span> of debt discount amortization.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_zS5Fk2GomAlg">SERIES A PREFERRED STOCK PRIVATE PLACEMENT OFFERING</span></b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span id="xdx_82E_zsAEZjm7AZb7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82E_zNzL0bBJrNda" style="display: none">Series A Preferred Stock Private Placement Offering</span></b></span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="display: none"> </span></b></span></p> <p style="margin-top: 0; margin-bottom: 0"></p> <p id="xdx_89A_eus-gaap--ScheduleOfPreferredUnitsTextBlock_zXMAUjk8cPfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible preferred stock consisted of the following as of June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zZL2X50pD2Rb" style="display: none">Schedule of Convertible Preferred Stock</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="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares Authorized</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares Issued and Outstanding</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Issue Price per Share</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Carrying Value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Aggregate Liquidation Preference</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Series A Preferred Stock</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zNuIlyZBfBn6" title="Preferred stock, shares authorized">1,900,000</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zEv2dKQy62ik" title="Preferred stock, shares issued"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zjqC23wrbQPf" title="Preferred stock, shares outstanding">8,823</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zgQro1OhcSh4" title="Preferred stock, issue price per share">17.00</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zArIc8GIh9Nb" title="Preferred stock value"><span style="-sec-ix-hidden: xdx2ixbrl3196">—</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zrHBif7ZVti3" title="Preferred stock liquidation preference value">149,991</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A3_zQlPxzLBOgH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, the Company commenced a private placement of shares of its Series A Preferred Stock at a purchase price of $<span id="xdx_90B_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zubCkTQVYvF7" title="Preferred stock, issue price per share">17.00</span> per share, for an aggregate investment of up to $<span id="xdx_904_eus-gaap--DebtInstrumentFaceAmount_iI_pp0d_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zZ4WSGLuk814" title="Aggregate investment amount">25,000,000</span> (the “Offering”). Under the terms of the Offering, each investor was required to fund <span id="xdx_90C_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zKnYHM2gw501" title="Offerring percentage">20</span>% of its capital commitment at an initial closing and the remaining<span id="xdx_903_eus-gaap--RevenueRemainingPerformanceObligationPercentage_iI_pid_dp_uPure_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zlkCoM8W2Zni" title="Revenue remaining percentage"> 80</span>% at a second closing upon notice from the Company. At each closing, investors also received warrants to purchase one share of Class A common stock for each share of Series A Preferred Stock purchased (the “Warrants”). The Warrants had an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zA4z010eE377" title="Warrants exercise price">17.00</span> per share and an expiration date ten years from the date of issuance. In connection with the Offering, on April 24, 2026, the Company amended and restated its certificate of incorporation to increase its authorized shares to <span id="xdx_902_eus-gaap--ExcessStockSharesAuthorized_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zXEI6DAT3vza" title="Excess, shares authorized">13,000,000</span>, of which <span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zU6gtCqWKBTk" title="Preferred stock, shares authorized">1,900,000 </span>shares of preferred stock are designated as Series A Preferred Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In April 2026, the Company accepted two subscriptions with aggregate capital commitments of $<span id="xdx_901_eus-gaap--LongTermPurchaseCommitmentAmount_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zXKZggMErdMc" title="Aggregate capital commitment amount">750,000</span> and completed the related initial closings, receiving gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pid_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zdVRIjE9XhOj" title="Proceeds from issuance of preferred stock">150,000</span> and issuing <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zL608uG8z9u9" title="Issuance of preferred stock shares">8,823 </span>shares of Series A Preferred Stock and Warrants exercisable into<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zZl6jWDlVmWb" title="Preferred stock shares exercised"> 8,823</span> shares of Class A common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the subscription agreements, the investors are obligated to fund the remaining $<span id="xdx_909_eus-gaap--RevenueRemainingPerformanceObligation_iI_c20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zpCUkMaj4a6k" title="Remaining obligation amount">600,000</span> of their aggregate capital commitments at the second closings, at which time the Company is obligated to issue an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zxJErTLr69ak">35,293</span> additional shares of Series A Preferred Stock and Warrants exercisable into an equal number of shares of Class A common stock. These reciprocal obligations represent freestanding forward contracts that are recognized at fair value, with changes in fair value recognized in earnings. The forward contracts are presented as assets or liabilities depending on their fair value at each measurement date and were in a liability position at issuance and at June 30, 2026, presented as a preferred stock forward liability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds from the initial closings were allocated first to the Warrants and the second closing forward contracts at their fair values, which were recorded as a preferred stock warrant liability of $<span id="xdx_90D_eus-gaap--FairValueAdjustmentOfWarrants_c20260430__20260430_zun64blcjX6e" title="Preferred stock warrant liability">136,000</span> and a preferred stock forward liability of $<span id="xdx_902_ecustom--PreferredStockForwardLiability_iI_c20260430_zgC1hMAiotO6" title="Preferred stock forward liability">570,000</span>. Because the aggregate fair value of these liabilities exceeded the gross proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pid_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_z1yl3CaXoB85" title="Proceeds from issuance of preferred stock">150,000</span>, no proceeds were allocated to the Series A Preferred Stock and the Company recognized a loss on issuance of $<span id="xdx_908_ecustom--LossOnIssuanceOfSeriesPreferredStockOffering_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zTHza3HVLQY7" title="Loss on issuance of Series A offering securities">556,000</span> in the statements of operations. The Company incurred issuance costs of $<span id="xdx_907_eus-gaap--PaymentsOfStockIssuanceCosts_c20260430__20260430__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__us-gaap--PrivatePlacementMember_zIIEHPTZCyPg" title="Payments of stock issuance costs">80,464</span>, which were expensed as incurred because no proceeds were allocated to the Series A Preferred Stock and the Warrants and the forward contracts are carried at fair value. Refer to Note 2 for discussion of the classification of the Series A Preferred Stock, the Warrants and the forward contracts, and Note 16 for the significant inputs used to determine the fair value of the Warrants and the forward contracts and the changes in the related liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 29, 2026, the Company received $<span id="xdx_900_eus-gaap--DeferredOfferingCosts_iI_c20260629__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_z8T6emsAqv72" title="Deferred offering costs">100,000</span> from an investor pursuant to the Offering. The transaction had not closed as of June 30, 2026, because certain closing conditions remained outstanding, and the proceeds were recorded as a subscription liability. Upon closing, the Company will issue<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260629__20260629__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zk867h6Hqvu5"> 5,882</span> shares of Series A Preferred Stock and the related Warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The rights, preferences and privileges of the Series A Preferred Stock are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><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 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of Series A Preferred Stock are entitled to non-cumulative dividends, payable only if and when declared by the Board of Directors. To date, no dividends have been declared or paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation Preference</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any liquidation, dissolution or winding up of the Company, the holders of Series A Preferred Stock are entitled to receive, prior and in preference to any distribution to holders of common stock, an amount per share equal to the original purchase price plus any declared but unpaid dividends. After payment of the liquidation preference, the remaining assets are distributed to the holders of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voting</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The holders of Series A Preferred Stock vote together with the holders of Class A common stock as a single class on an as-converted basis, with each share of Series A Preferred Stock entitled to one vote for each share of Class A common stock into which it is convertible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Series A Preferred Stock is not redeemable at the option of the holder and is not subject to mandatory redemption.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each share of Series A Preferred Stock automatically converts into common stock of the combined company upon consummation of the Merger, or into Class A common stock of the Company in connection with certain other liquidity events, at a conversion ratio of one share of Class A common stock for each share of Series A Preferred Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p id="xdx_898_ecustom--ScheduleOfConvertibleNotesPayableTableTextBlock_z1kC9oegXA35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes payable consists of the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zXahYc5k6qr6" style="display: none">Schedule of Convertible Notes Payable</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20260630_zVprkJP6CjHf" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">June 30, 2026</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_495_20251231_zQ2udM7hv3W5" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">December 31, 2025</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--ConvertibleNotesPayableCurrent_iI_maCLTNPzoWY_zSXUESo7MX9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Convertible note payable, principal</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,500,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">      <span style="-sec-ix-hidden: xdx2ixbrl3146">-</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_di_msCLTNPzoWY_zzA1Zpki8pwa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Less: unamortized debt discount</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(125,480</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3149">-</span></span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40B_eus-gaap--ConvertibleLongTermNotesPayable_iTI_mtCLTNPzoWY_zaiGoAj6Zhia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible notes payable </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,374,520</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3152">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2500000 125480 2374520 2500000 1000000 1500000 18000000 2027-10-09 0.08 1000000 138889 138889 722222 1000000 2500000 18000000 49793 36384 13409 <p id="xdx_89A_eus-gaap--ScheduleOfPreferredUnitsTextBlock_zXMAUjk8cPfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible preferred stock consisted of the following as of June 30, 2026:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zZL2X50pD2Rb" style="display: none">Schedule of Convertible Preferred Stock</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="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares Authorized</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares Issued and Outstanding</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Issue Price per Share</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Carrying Value</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Aggregate Liquidation Preference</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Series A Preferred Stock</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_903_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zNuIlyZBfBn6" title="Preferred stock, shares authorized">1,900,000</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zEv2dKQy62ik" title="Preferred stock, shares issued"><span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zjqC23wrbQPf" title="Preferred stock, shares outstanding">8,823</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zgQro1OhcSh4" title="Preferred stock, issue price per share">17.00</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_eus-gaap--PreferredStockValue_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zArIc8GIh9Nb" title="Preferred stock value"><span style="-sec-ix-hidden: xdx2ixbrl3196">—</span></span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90B_eus-gaap--PreferredStockLiquidationPreferenceValue_iI_pid_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zrHBif7ZVti3" title="Preferred stock liquidation preference value">149,991</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 1900000 8823 8823 17.00 149991 17.00 25000000 0.20 0.80 17.00 13000000 1900000 750000 150000 8823 8823 600000 35293 136000 570000 150000 556000 80464 100000 5882 <p id="xdx_803_eus-gaap--FairValueMeasurementInputsDisclosureTextBlock_za0O33XYOlx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b><span id="xdx_822_zFfwVLUt2X7d">Fair value Measurements</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>FAIR VALUE MEASUREMENTS</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures the preferred stock warrant liability and the preferred stock forward contract described in Note 15 and the liability for the undistributed Equity Incentive Shares described in Note 14 at fair value on a recurring basis and classifies each within Level 3 of the fair value hierarchy. There were no financial liabilities measured at fair value on a recurring basis as of December 31, 2025, and there were no transfers between levels during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the Warrants was determined using a Black-Scholes option pricing model. The estimated fair value of the underlying common stock used in the model at issuance and at June 30, 2026 was $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zuk2AeUQkj3g" title="Issued price per share">17.00</span> per share. Management estimated the fair value of the common stock by reference to the $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsadiYabQYl5">100,000,000</span> equity value attributed to the Company in the Merger Agreement with Pulmatrix, Inc., which was negotiated at arm’s length in March 2026, when the Company’s capital consisted solely of common stock and options, and which equates to approximately $<span id="xdx_90F_eus-gaap--EarningsPerShareDilutedDistributed_c20260101__20260630_ziTnMjqtoRli" title="Fully diluted share">17</span> per fully diluted share. At June 30, 2026, the Merger Agreement remained in effect at the same equity value and no transaction or other development indicated a change in the fair value of the common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the June 30, 2026 remeasurement, management evaluated developments between the respective issuance dates and June 30, 2026, including the status of the Merger and Offering and other Company-specific and market factors, and concluded that there had been no material change in the fair value of the underlying common shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remaining inputs at issuance and at June 30, 2026 included an expected volatility of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_uPure_c20260101__20260630_z6l6c8bdBGSk" title="Expected volatility">100</span>%, which was estimated based on the volatility of guideline public companies in the Company’s industry, because the Company is privately held and does not have its own trading history, an exercise price of $<span id="xdx_904_eus-gaap--StockOptionExercisePriceIncrease_c20260101__20260630_zy7rLwWEkz71" title="Exercise price">17.00</span> per share, an expected dividend yield of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_uPure_c20260101__20260630_zN0CObERyJ87" title="Expected dividend yield">0</span>%, risk-free interest rates based on applicable U.S. Treasury yields (<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20260101__20260630__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasuryAndGovernmentMember__srt--RangeAxis__srt--MinimumMember_zEjoKcR3ThCh" title="Risk-free interest rate">4.31</span>% and <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20260101__20260630__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasuryAndGovernmentMember__srt--RangeAxis__srt--MaximumMember_zwIof0SiG9e" title="Risk-free interest rate">4.40</span>% at the issuance dates and <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_uPure_c20260101__20260630__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasuryAndGovernmentMember_zpTetnPto5Wj" title="Risk-free interest rate">4.43</span>% at June 30, 2026) and the contractual term of the Warrants (<span id="xdx_909_eus-gaap--LongTermDebtTerm_iI_dtY_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zzqNsO5h3sUk" style="display: none" title="Issuance term">10</span>ten years at issuance and <span id="xdx_902_ecustom--RemainingContractualLongTermDebtTerm_iI_dtY_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zAyFts6ME43h" title="Remaining contractual term">9.8</span> years remaining at June 30, 2026).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value of the preferred stock forward liability was calculated as the fair value of the Series A Preferred Stock and Warrants the Company is obligated to issue at the second closings, reduced by the present value of the remaining capital commitments to be received. At issuance, the forward contracts required the Company to issue an aggregate of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesOther_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zCX3QRyyB7p9">35,293</span> shares of Series A Preferred Stock and Warrants exercisable into an equal number of shares of Class A common stock in exchange for aggregate remaining capital commitments of $<span id="xdx_906_eus-gaap--StockIssuedDuringPeriodValueOther_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zj2vwXConti5">600,000</span>. The warrant components were valued using the Black-Scholes option pricing model, and the remaining capital commitments were discounted over the expected one-year periods until the respective second closings. The aggregate issuance-date fair value of the forward liabilities was approximately $<span id="xdx_904_eus-gaap--StockRepurchasedDuringPeriodValue_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zF0JP3d7tnH2">570,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At June 30, 2026, <span id="xdx_904_ecustom--DescriptionRelatedToWarrantTerms_c20260101__20260630_zLw9DQK8XbDk" title="Warrant term description">the Company remeasured the warrant components of the forward contracts using the updated remaining warrant terms and remeasured the present values of the remaining capital commitments using the remaining periods of approximately 0.82 and 0.83 years until the respective second closings</span>. The aggregate fair value of the forward liabilities was approximately $<span id="xdx_90A_ecustom--PreferredStockForwardLiability_iI_c20260630_zhMtXp5GnDXe">566,000</span> at June 30, 2026. The remeasurement of the warrant and forward liabilities resulted in an aggregate gain of approximately $<span id="xdx_90B_eus-gaap--FairValueAdjustmentOfWarrants_iN_di_c20260101__20260630_zYV4p8p9MOBl">4,000</span> recognized in the statements of operations for the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the equity incentive share liability was expected to settle within a few month, the fair value of the liability for the undistributed Equity Incentive Shares equals the fair value of the shares to be delivered and was $<span id="xdx_900_ecustom--ProceedsFromIssuanceOfPreferredStockEquityIncentiveShareLiability_c20260101__20260630_zhIcQXbCUe8j" title="Issuance ofequity incentive share liability">1,000,000</span> upon recognition at the initial closing of the Convertible Notes on April 9, 2026, and at June 30, 2026. Because the obligation is to deliver shares with an aggregate value of $<span id="xdx_90B_eus-gaap--DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent_iI_c20260630_zSNqFSd8DVXl" title="Equity incentive share liability">1,000,000</span>, its fair value does not vary with the Company’s share price and no change in fair value was recognized in earnings during the period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s obligation under the mandatory funding provision of the Amended and Restated Purchase Agreement described in Note 14 is also measured at fair value on a recurring basis using Level 3 inputs and was insignificant at inception and at June 30, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock_zRA1eVqrJsvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the changes in the liabilities measured at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zCJE2bEgGKC4">Schedule of changes in the Liabilities Measured 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="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock Warrant Liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock Forward Liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Equity Incentive Share Liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--PreferredStockWarrantLiability_iI_c20251231_zFfxXE183sol" style="text-align: right" title="Preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3274">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_ecustom--PreferredStockForwardLiability_iI_c20251231_zEGcOkGFYtQ2" style="text-align: right" title="Preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3276">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent_iI_c20251231_z4hTXLm1pZ8" style="text-align: right" title="Equity incentive share liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3278">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif">Issuances</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_ecustom--ProceedsFromIssuanceOfPreferredStockWarrantLiability_c20260101__20260630_zSH4XQHc0Qob" style="width: 14%; text-align: right" title="Issuance of preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif">136,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_ecustom--ProceedsFromIssuanceOfPreferredStockForwardLiability_c20260101__20260630_z4WSY0kWAR1h" style="width: 14%; text-align: right" title="Issuance of preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif">570,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--ProceedsFromIssuanceOfPreferredStockEquityIncentiveShareLiability_c20260101__20260630_zZUl7caPfLdc" style="width: 14%; text-align: right" title="Issuance ofequity incentive share liability"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--ChangesInFairValuePreferredStockWarrantLiability_c20260101__20260630_zDfBgX3PlyM3" style="text-align: right" title="Changes in fair value of preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3286">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260630_zZFqe8d5CIC3" style="text-align: right" title="Changes in fair value of preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif">(4,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--ChangesInFairValueEquityIncentiveShareLiability_c20260101__20260630_znuH5VuvxUZ6" style="text-align: right" title="Changes in fair value of equity incentive share liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3290">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Balance as of June 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--PreferredStockWarrantLiability_iI_c20260630_zrlU1IPYJivi" style="text-align: right" title="Preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif">136,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_ecustom--PreferredStockForwardLiability_iI_c20260630_zM7H1SjVF4Dd" style="text-align: right" title="Preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif">566,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent_iI_c20260630_zI48kCyc9ER4" style="text-align: right" title="Equity incentive share liability"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8A7_zMzqLpL0RAA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"> </p> 17.00 100000000 17 1 17.00 0 0.0431 0.0440 0.0443 P10Y P9Y9M18D 35293 600000 570000 the Company remeasured the warrant components of the forward contracts using the updated remaining warrant terms and remeasured the present values of the remaining capital commitments using the remaining periods of approximately 0.82 and 0.83 years until the respective second closings 566000 -4000 1000000 1000000 <p id="xdx_89D_eus-gaap--FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock_zRA1eVqrJsvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents the changes in the liabilities measured at fair value on a recurring basis:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zCJE2bEgGKC4">Schedule of changes in the Liabilities Measured 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="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock Warrant Liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Preferred Stock Forward Liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Equity Incentive Share Liability</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="font-family: Times New Roman, Times, Serif">Balance as of December 31, 2025</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_98A_ecustom--PreferredStockWarrantLiability_iI_c20251231_zFfxXE183sol" style="text-align: right" title="Preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3274">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_ecustom--PreferredStockForwardLiability_iI_c20251231_zEGcOkGFYtQ2" style="text-align: right" title="Preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3276">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_eus-gaap--DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent_iI_c20251231_z4hTXLm1pZ8" style="text-align: right" title="Equity incentive share liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3278">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%"><span style="font-family: Times New Roman, Times, Serif">Issuances</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_ecustom--ProceedsFromIssuanceOfPreferredStockWarrantLiability_c20260101__20260630_zSH4XQHc0Qob" style="width: 14%; text-align: right" title="Issuance of preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif">136,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_ecustom--ProceedsFromIssuanceOfPreferredStockForwardLiability_c20260101__20260630_z4WSY0kWAR1h" style="width: 14%; text-align: right" title="Issuance of preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif">570,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--ProceedsFromIssuanceOfPreferredStockEquityIncentiveShareLiability_c20260101__20260630_zZUl7caPfLdc" style="width: 14%; text-align: right" title="Issuance ofequity incentive share liability"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Change in fair value</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98D_ecustom--ChangesInFairValuePreferredStockWarrantLiability_c20260101__20260630_zDfBgX3PlyM3" style="text-align: right" title="Changes in fair value of preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3286">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_982_eus-gaap--FairValueAdjustmentOfWarrants_c20260101__20260630_zZFqe8d5CIC3" style="text-align: right" title="Changes in fair value of preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif">(4,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td id="xdx_98B_ecustom--ChangesInFairValueEquityIncentiveShareLiability_c20260101__20260630_znuH5VuvxUZ6" style="text-align: right" title="Changes in fair value of equity incentive share liability"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl3290">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="font-family: Times New Roman, Times, Serif">Balance as of June 30, 2026</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_986_ecustom--PreferredStockWarrantLiability_iI_c20260630_zrlU1IPYJivi" style="text-align: right" title="Preferred stock warrant liability"><span style="font-family: Times New Roman, Times, Serif">136,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_981_ecustom--PreferredStockForwardLiability_iI_c20260630_zM7H1SjVF4Dd" style="text-align: right" title="Preferred stock forward liability"><span style="font-family: Times New Roman, Times, Serif">566,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td id="xdx_980_eus-gaap--DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent_iI_c20260630_zI48kCyc9ER4" style="text-align: right" title="Equity incentive share liability"><span style="font-family: Times New Roman, Times, Serif">1,000,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 136000 570000 1000000 -4000 136000 566000 1000000 <p id="xdx_808_eus-gaap--SubsequentEventsTextBlock_zulI1lK43nil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_827_zXATy6EHjta">Subsequent Events</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>SUBSEQUENT EVENT</span></b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Stock Unit Award</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 7, 2026, the Company granted to RCM Eos RSU HOLDINGS, LLC, an entity established and controlled by the Company’s Chief Executive Officer, an initial award of approximately <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260707__20260707__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_zFr5L2G8pj4j">1,504,629</span> restricted stock units (the “Initial Awarded Units”) in exchange for services to be provided by Dr. Slawin to the Company. The Initial Awarded Units were determined using the projected Merger exchange ratio of <span id="xdx_909_eus-gaap--SharePrice_iI_c20260707__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_zSKi07bHWcIh">8.64</span> post-merger shares for each Eos RSU, such that the <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260707__20260707__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zwmR1BANOi95">1,504,629</span> Initial Awarded Units would correspond to approximately <span id="xdx_905_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensationGross_c20260707__20260707__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrSlawinMember_zHdNUgJXcKCc">13,000,000</span> shares of the combined company. The number of Awarded Units is subject to adjustment based on the actual exchange ratio determined upon consummation of the Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The award shall vest in equal installments, each consisting of one-fourth of the total Awarded Units with each installment becoming fully vested units independently upon the achievement of the applicable milestone events: (a) conduct a pre-IND meeting with the U.S. Food and Drug Administration (FDA) or the occurrence of the following milestone without such a meeting, (b) filing of an Investigational New Drug (IND) application with the FDA, (c) acceptance of such application by the FDA, and (d) enrollment of the first patient with sarcopenia or sarcopenic obesity into a Phase 1b/2a clinical trial.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shares of common stock underlying the CEO RSUs may only be delivered to the grantee or a legal representative thereof during calendar year 2029 and any unvested units not previously forfeited will be terminated on December 31, 2029. The financial statement impact of this award was not reasonably estimable and no share installment has issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Equity Incentive Shares Waiver and Acknowledgment Letter </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On August 28, 2026, the Company and RCM Eos Holdings, LLC, the sole Purchaser of the Convertible Notes Payable, entered into a waiver and acknowledgment letter fixing the number of Equity Incentive Shares issuable under the agreement at <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260828__20260828__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJHbCSJDoFii">58,823</span> shares of Class A Common Stock, based on a price of $<span id="xdx_902_eus-gaap--SharePrice_iI_pid_c20260828__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zf4rDmLYwMnd">17.00</span> per share agreed to by the parties for purposes of determining the number of shares. RCM waived any claim to recalculation or adjustment of the number of shares, including upon the closing of the Merger, and any claim relating to the timing of distribution. The Equity Incentive Shares liability will be remeasured to fair value immediately prior to settlement, with any change in fair value recognized in earnings, and will be reclassified to stockholders’ equity upon issuance of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><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 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Second Closing of Series A Preferred Stock </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 2, 2026, the Company received $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20260902__20260902__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zn9N3C6yQO0a">400,000</span> representing the remaining <span id="xdx_900_ecustom--CapitalCommitmentSubscriptionPercentage_iI_dp_uPure_c20260902__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zMHttV0h2Nba" title="Capital commitment percentage">80</span>% in capital commitments from one of the subscriptions entered into in April 2026. The Company issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260902__20260902__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrejY8hgJfn2">23,529</span> shares of Series A Preferred Stock and Warrants exercisable into <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20260902__20260902__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGoM8PQyxBUi">23,529</span> shares of Class A common stock. See Note 15 – Series A Preferred Stock Private Placement Offering for additional information.</span></p> 1504629 8.64 1504629 13000000 58823 17.00 400000 0.80 23529 23529 Teofilo Raad was the Principal Executive Officer (“PEO”) for each of the 2022 and 2023 fiscal years, and in 2024 through July 19, 2024. Peter Ludlum replaced Teofilo Raad as the PEO effective July 20, 2024. The amount shown for Peter Ludlum includes $715,225 and $730,877 in fees paid to Danforth Advisors for his services for the fiscal years ended December 31, 2025 and 2024, respectively. The amounts disclosed reflect the adjustments to the total amount reported in the SCT for the PEOs based on stock-based compensation. Equity values are calculated in accordance with FASB ASC Topic 718. No such adjustments were necessary for Peter Ludlum. For the 2024 fiscal year, our only Non-PEO Named Executive Officer was Margaret Wasilewski, M.D. (prior to her termination effective April 1, 2024). As Peter Ludlum was appointed PEO effective July 20, 2024, he is presented in this table as a PEO for the full 2024 fiscal year. For the 2023 fiscal year, the Pulmatrix Non-PEO Named Executive Officers were Peter Ludlum and Margaret Wasilewski. The amounts disclosed reflect the adjustments to the total amount reported in the SCT for the Pulmatrix Non-PEO Named Executive Officers based on stock-based compensation. Equity values are calculated in accordance with FASB ASC Topic 718. Pulmatrix’s cumulative TSR assumes $100 was invested in Pulmatrix for the period starting December 31, 2022, through the end of each listed year. Pulmatrix did not pay dividends during the period. The dollar amounts reported represent the amount of net loss, in thousands, reflected in Pulmatrix’s consolidated audited financial statements for each applicable year.