Note 3—Liquidity and management’s plans

The Company has been engaged in research and development activities related to Immune Fx, TBS-2025, and ADCs, which will require additional investment until revenue-generating activities can begin.

The Company has historically incurred negative cash flows from operations, and these operating cash deficits have been funded through a combination of debt and equity financings.

For the nine months ended September 30, 2026, the Company incurred $18.1 million of negative cash flows from operations. The Company has approximately $1.9 million of cash and cash equivalents on hand at September 30, 2026. The Company expects that its existing capital resources, including the future expected cash proceeds from the Parkview Credit Facility, will be sufficient to fund the Company’s planned future operations into 2028.

The Company expects to raise cash through the sale of capital stock and warrants, debt issuances and draw-downs, obtaining grants, or commercial partnerships. However, there can be no assurance that any fundraising will be achieved or on commercially reasonable terms, if at all.