| Schedule of Restatements for Previously Issued Financial Statements |
The restatement had no impact on total net cash flows from operating, investing or financing activities. Condensed Consolidated Balance Sheet
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As of June 30, 2026 |
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Originally Reported |
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Adjustment |
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As
Restated |
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ASSETS |
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Current assets |
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Tekne Convertible Note Receivable |
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$ |
23,116,321 |
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$ |
761,001 |
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$ |
23,877,322 |
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Total current assets |
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$ |
31,195,561 |
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$ |
761,001 |
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$ |
31,956,562 |
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TOTAL ASSETS |
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$ |
68,361,108 |
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$ |
761,001 |
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$ |
69,122,109 |
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LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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Stockholders’ Equity (Deficit) |
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Accumulated deficit |
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$ |
(207,415,591 |
) |
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$ |
761,001 |
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$ |
(206,654,590 |
) |
Total Stockholders’ Equity |
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$ |
9,369,319 |
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$ |
761,001 |
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$ |
10,130,320 |
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TOTAL LIABILITIES, TEKNE SUBORDINATED CONVERTIBLE NOTE AND STOCKHOLDERS’ EQUITY |
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$ |
68,361,108 |
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$ |
761,001 |
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$ |
69,122,109 |
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Condensed Consolidated Statement of Operations
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Three Months Ended June 30, 2026 |
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Originally Reported |
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Adjustment |
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As
Restated |
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Change in fair value of convertible notes receivable |
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$ |
288,535 |
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$ |
761,001 |
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$ |
1,049,536 |
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Loss before provision for income taxes |
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$ |
(6,475,862 |
) |
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$ |
761,001 |
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$ |
(5,714,861 |
) |
Net loss |
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$ |
(6,475,862 |
) |
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$ |
761,001 |
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$ |
(5,714,861 |
) |
Comprehensive loss |
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$ |
(6,441,021 |
) |
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$ |
761,001 |
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$ |
(5,680,020 |
) |
Net loss available to common shareholders |
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$ |
(8,049,174 |
) |
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$ |
761,001 |
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$ |
(7,288,173 |
) |
Net loss per common share, basic and diluted (1) |
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$ |
(0.04 |
) |
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$ |
(1.42 |
) |
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$ |
(1.46 |
) |
(1)Net loss per common share as restated reflects the 1-for-40 reverse stock split effected on September 1, 2026, applied retroactively. Of the $(1.42) adjustment, $(1.57) is attributable to the reverse stock split and $0.15 to the correction of the error.
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Six Months Ended June 30, 2026 |
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Originally Reported |
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Adjustment |
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As
Restated |
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Change in fair value of convertible notes receivable |
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$ |
1,362,338 |
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$ |
761,001 |
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$ |
2,123,339 |
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Loss before provision for income taxes |
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$ |
(6,935,760 |
) |
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$ |
761,001 |
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$ |
(6,174,759 |
) |
Net loss |
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$ |
(6,935,760 |
) |
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$ |
761,001 |
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$ |
(6,174,759 |
) |
Comprehensive loss |
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$ |
(6,873,592 |
) |
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$ |
761,001 |
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$ |
(6,112,591 |
) |
Net loss available to common shareholders |
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$ |
(8,983,130 |
) |
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$ |
761,001 |
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$ |
(8,222,129 |
) |
Net loss per common share, basic and diluted (1) |
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$ |
(0.06 |
) |
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$ |
(2.01 |
) |
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$ |
(2.07 |
) |
(1)Net loss per common share as restated reflects the 1-for-40 reverse stock split effected on September 1, 2026, applied retroactively. Of the $(2.01) adjustment, $(2.20) is attributable to the reverse stock split and $0.19 to the correction of the error. Condensed Consolidated Statement of Stockholders' Equity (Deficit)
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Three Months Ended June 30, 2026 |
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Originally Reported |
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Adjustment |
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As
Restated |
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Net loss |
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$ |
(6,475,862 |
) |
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$ |
761,001 |
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$ |
(5,714,861 |
) |
Accumulated deficit, balance as of June 30, 2026 |
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$ |
(207,415,591 |
) |
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$ |
761,001 |
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$ |
(206,654,590 |
) |
Condensed Consolidated Statement of Cash Flows
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Six Months Ended June 30, 2026 |
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Originally Reported |
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Adjustment |
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As
Restated |
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Net loss |
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$ |
(6,935,760 |
) |
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$ |
761,001 |
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$ |
(6,174,759 |
) |
Change in fair value of convertible notes receivable |
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$ |
(1,362,338 |
) |
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$ |
(761,001 |
) |
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$ |
(2,123,339 |
) |
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