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<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">1. Basis of Presentation and Liquidity</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Galectin Therapeutics Inc. and subsidiaries (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The unaudited condensed consolidated financial statements as reported in this Quarterly Report on Form 10-Q reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company as of September 30, 2025 and the results of its operations for the three and nine months ended September 30, 2025 and 2024 and its cash flows for the nine months ended September 30, 2025 and 2024. All adjustments made to the interim financial statements include all those of a normal and recurring nature. Amounts presented in the condensed consolidated balance sheet as of December 31, 2024 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date these financial statements are available to be issued. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. The unaudited condensed consolidated financial statements of the Company should be read in conjunction with its Annual Report on Form 10-K for the year ended December 31, 2024.</span> </div> <div> </div> <div style="text-indent: 35.6pt; margin-left: 0.1pt;"> <span>These consolidated financial statements have been prepared in accordance with US generally accepted accounting principles (GAAP) assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists.</span> </div> <div> </div> <div style="text-indent: 35.6pt; margin-left: 0.1pt;"> <span>The Company has operated at a loss since its inception and has had no revenues. The Company anticipates that losses will continue for the foreseeable future. At </span><span style="color: rgb(0, 0, 0);">September </span><span>30, 2025, the company had $11,525,000 of unrestricted cash and cash equivalents available to fund future operations. Additionally, on July 8, 2025, we signed a new line of credit in the amount of $10 million provided by our chairman, Richard Uihlein, (See Note 9). The Company believes there is sufficient cash, including availability of the line of credit, to fund currently planned operations through June 30, 2026. To meet its future capital needs, the Company intends to raise additional capital through debt or equity financings, collaborations, partnerships or other strategic transactions. However, there can be no assurance that the Company will be able to complete any such transactions on acceptable terms or otherwise. The inability of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations and financial condition.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011.</span> </div>

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<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">2. Accrued Expenses and Other</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Accrued expenses consist of the following:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> (in thousands) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Legal and accounting fees </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">94</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">74</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Accrued compensation </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,100</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,523</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Lease liability </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">19</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Accrued research and development costs and other </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; 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text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"><div style="-sec-ix-hidden: hidden-fact-2">5,038</div></td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"><div style="-sec-ix-hidden: hidden-fact-3">8,204</div></td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs related to manufacturing drug product, clinical trials and preclinical studies are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Our current NAVIGATE clinical trial is being supported by third-party contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed by CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses and related expenses associated with the conduct of clinical trials, the significant factors used in estimating accruals include the number of patients enrolled, the number of active clinical sites, and the duration for which the patients have been enrolled in the trial. We monitor patient enrollment levels and related activities to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We base our estimates on the best information available at the time. We monitor patient enrollment levels and related activities to the extent possible through discussions with CRO personnel and based our estimates of clinical trial costs on the best information available at the time. However, additional information may become available to us which will allow us to make a more accurate estimate in future periods. In that event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain.</span> </div>

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Accrued expenses consist of the following:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> (in thousands) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Legal and accounting fees </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">94</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">74</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Accrued compensation </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,100</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,523</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Lease liability </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">37</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">19</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Accrued research and development costs and other </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">3,807</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">6,588</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"><div style="-sec-ix-hidden: hidden-fact-2">5,038</div></td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"><div style="-sec-ix-hidden: hidden-fact-3">8,204</div></td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

94000

74000

1100000

1523000

37000

19000

3807000 6588000

5038000

8204000

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">3. Convertible Notes Payable – Related Party</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On April 16, 2021, the Company and Richard E. Uihlein entered into a debt financing arrangement whereby Mr. Uihlein loaned $10,000,000 to the Company. In consideration for the loan, the Company issued a convertible promissory note (the “April 2021 Note”) in the principal amount of ten million dollars.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>The April 2021 Note had an original maturity date of April 16, 2025, is prepayable at the option of the Company in whole or in part at any time and is convertible into the Company’s common stock at a conversion price equal to $5.00 per share at the option of the noteholder. The April 2021 Note bears interest at the rate of two percent (2%) per annum, compounded annually with an effective interest rate of approximately 3%. For the three months ended September 30, 2025 and 2024, approximately $54,000 and $54,000, respectively, of interest expense was accrued and included with the principal in the financial statements. For the nine months ended September 30, 2025 and 2024, approximately $162,000 and $159,000, respectively, of interest expense was accrued and included with the principal in the financial statements.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The April 2021 Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent (2.5%) per quarter (10% per annum) (the “Additional Interest”) beginning on the date of issuance of this Note and ending on the maturity date, provided however, that such payment is only required if and only if the noteholder elects to convert the entire balance of the April 2021 Note into the Company’s common stock on or prior to maturity. As the contingent event is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and accordingly must be bifurcated and recognized as a derivative liability and a debt discount on the April 2021 Note at its inception. The fair value of the contingent interest derivative liability was $420,000 at note inception (April 16, 2021). The fair value of the contingent interest derivative liability was $1,594,000 and $47,000 at September 30, 2025 and December 31, 2024, respectively, and is recognized as a derivative liability in the consolidated balance sheet. The change in the fair value of the derivative liability for the nine months ended September 30, 2025 and 2024 of $1,547,000 and $771,000 respectively, was charged to other expense for the nine months ended September 30, 2025 and 2024. The amortization of the original $420,000 debt discount of $31,000 and $79,000 was recorded as additional interest expense for the nine months ended September 30, 2025 and 2024, respectively.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On May 14, 2024, Mr. Uihlein, as holder of the April 2021 Note irrevocably elected to convert the entire principal amount of such note, plus accrued and unpaid interest, into shares of common stock of the Company at a price of $5.00 per share, effective as of April 16, 2025, which is the maturity date of the April 2021 Note. In connection with entering into the March 2025 Supplemental Line of Credit (see Note 9), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 from April 16, 2025 to September 30, 2025. Additionally, in connection with entering into the July 2025 Supplemental Line of Credit (see Note 14), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 from September 30, 2025 to September 30, 2026. The April 2021 Note will remain outstanding and accrue interest until maturity and no shares of common stock will be issued as a result of this election until September 30, 2026.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>The September 2021 Note had an maturity date of September 17, 2025, which was also extended to September 30, 2026 (see Note 14), is prepayable at the option of the Company in whole or in part at any time and is convertible into the Company’s common stock at a conversion price equal to $8.64 per share at the option of the noteholder. The September 2021 Note bears interest at the rate of two percent (2%) per annum, compounded annually with an effective interest rate of approximately 3%. For the three months ended September 30, 2025 and 2024, approximately $54,000 and $53,000, respectively, of interest expense was accrued and included with the principal in the financial statements. For the nine months ended September 30, 2025 and 2024, approximately $160,000 and $157,000, respectively, of interest expense was accrued and included with the principal in the financial statements.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The September 2021 Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent (2.5%) per quarter (10% per annum) (the “Additional Interest”) beginning on the date of issuance of this Note and ending on the maturity date, provided however, that such payment is only required if and only if the noteholder elects to convert the entire balance of the September 2021 Note into the Company’s common stock on or prior to maturity. As the contingent event is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and accordingly must be bifurcated and recognized as a derivative liability and a debt discount on the September Note at its inception. The fair value of the contingent interest derivative liability was $433,000 at note inception (September 17, 2021). The fair value of the contingent interest derivative liability was $808,000 and $94,000 and September 30, 2025 and December 31, 2024, respectively, and is recognized as a derivative liability in the consolidated balance sheet. The change in the fair value of the derivative liability for the nine months ended September 30, 2025 and 2024 of $714,000 and $189,000, respectively, was recorded to other expense for nine months ended September 30, 2025 and 2024. The amortization of the original $433,000 debt discount of $81,000 and $81,000 was recorded as additional interest expense for the nine months ended September 30, 2025 and 2024.</span> </div><div style="text-indent: 36pt;"> <span>On December 20, 2021, the second of the two promissory notes under the Loan Agreement was executed and delivered, (the “December 2021 Note”) to evidence the second loan in the principal amount of $10,000,000. The December 2021 Note had a maturity date of December 20, 2025, which was also extended to September 30, 2026 (see Note 14), is prepayable at the option of the Company in whole or in part at any time and is convertible into the Company’s common stock at a conversion price equal to $5.43 per share at the option of the noteholder. The December Note bears interest at the rate of two percent (2%) per annum, compounded annually with an effective interest rate of approximately 3%. For three months ended September 30, 2025 and 2024, approximately $53,000 and $52,000, respectively, of interest expense was accrued and included with the principal in the financial statements. For nine months ended September 30, 2025 and 2024, approximately $159,000 and $156,000, respectively, of interest expense was accrued and included with the principal in the financial statements.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>The December 2021 Note also includes a contingent interest component that requires the Company to pay additional interest at a rate of two and one-half percent (2.5%) per quarter (10% per annum) (the “Additional Interest”) beginning on the date of issuance of this Note and ending on the maturity date, provided however, that such payment is only required if and only if the noteholder elects to convert the entire balance of the December 2021 Note into the Company’s common stock on or prior to maturity. As the contingent event is not based on creditworthiness, such feature is not clearly and closely related to the host instrument and accordingly must be bifurcated and recognized as a derivative liability and a debt discount on the December Note at its inception. The fair value of the contingent interest derivative liability was $415,000 at note inception (December 20, 2021). The fair value of the contingent interest derivative liability was $1,340,000 and $275,000 at September 30, 2025 and December 31, 2024, respectively, and is recognized as a derivative liability in the consolidated balance sheet. The change in the fair value of the derivative liability for nine months ended September 30, 2025 and 2024 of $1,065,000 and $553,000, respectively was recorded to other expense for nine months ended September 30, 2025 and 2024. The amortization of the original $415,000 debt discount of $78,000 and $78,000 was recorded as additional interest expense for nine months ended September 30, 2025 and 2024, respectively.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The Company’s contractual cash obligations related to the outstanding convertible notes payable is a repayment of the September 2021 Note of the $10,000,000 plus accrued interest on September 30, 2026 and a repayment of the December 2021 Note of the $10,000,000 plus accrued interest on September 30, 2026, unless converted at the option of the noteholder.</span> </div>

10000000

2025-04-16

0.02

0.03

54000

162000

159000

0.025 0.10

420000

1594000

47000

1547000

771000

420000

31000

79000

2025-04-16

2026-09-30

8.64

0.02

0.03

54000

53000

160000

157000

0.025 0.10

433000

808000

94000

714000

189000

433000

81000

10000000

2026-09-30

5.43

0.02

0.03

53000

52000

159000

156000

0.025 0.10

415000

1340000

275000

1065000

553000

415000

78000

10000000

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">4. Fair Value of Financial Instruments</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The Company has certain financial assets and liabilities recorded at fair value. Fair values determined by Level 1 inputs utilize observable data such as quoted prices in active markets. Fair values determined by Level 2 inputs utilize data points other than quoted prices in active markets that are observable either directly or indirectly. Fair values determined by Level 3 inputs utilize unobservable data points in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts reflected in the consolidated balance sheets for cash equivalents, accounts payable and accrued expenses approximate their carrying value due to their short-term nature. There were no level 1 or 2 assets or liabilities at September 30, 2025 or December 31, 2024. See below for Fair Value of Derivatives related to Convertible Notes Payable at September 30, 2025 and December 31, 2024, which are level 3 liabilities.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at September 30, 2025 and December 31, 2024 were as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest April Note </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,594,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">47,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Derivative Liability – Contingent Interest September Note </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">808,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">94,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest December Note </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,340,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">275,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The April Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at September 30, 2025 and December 31, 2024 are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.29</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 1.00 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 0.29 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">110</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">152</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> </table><div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The roll forward of the April Note derivative liability – contingent interest is as follows for the nine months ended September 30, 2025 and 2024:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">47,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,547,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,594,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">431,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">771,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,202,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: rgb(0, 0, 0);">The September Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at September 30, 2025 and December 31, 2024 are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.29</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">8.64</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">8.64</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 1.00 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 0.72 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.16</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">110</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">111</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> </table><div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The roll forward of the September Note derivative liability – contingent interest is as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">94,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">714,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">808,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">169,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">190,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">359,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The December Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at September 30, 2025 and December 31, 2024 are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.29</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 1.00 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 0.97 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.16</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">110</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">102</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">0</td><td style="width: 1%; text-align: left;">%</td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">0</td><td style="width: 1%; text-align: left;">%</td> </tr> </table><div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The roll forward of the December Note derivative liability – contingent interest is as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">275,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,065,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,340,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">404,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">553,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">957,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at September 30, 2025 and December 31, 2024 were as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest April Note </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,594,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">47,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Derivative Liability – Contingent Interest September Note </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">808,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">94,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Derivative Liability – Contingent Interest December Note </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,340,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">275,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table>

1594000

47000

808000

94000

1340000

275000

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The April Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at September 30, 2025 and December 31, 2024 are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.29</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 1.00 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 0.29 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.37</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">110</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">152</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> </table>

4.24

1.29

P1Y

P0Y3M14D

3.68

4.37

12.43

110

152

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The roll forward of the April Note derivative liability – contingent interest is as follows for the nine months ended September 30, 2025 and 2024:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">47,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,547,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,594,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">431,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">771,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">1,202,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

47000

1547000

1594000

431000

771000

1202000

<div style="text-indent: 36pt; text-align: justify;"> <span style="color: rgb(0, 0, 0);">The September Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at September 30, 2025 and December 31, 2024 are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.29</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">8.64</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">8.64</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 1.00 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 0.72 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.16</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">110</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">111</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> </table>

4.24

1.29

8.64

P1Y

P0Y8M19D

3.68

4.16

12.43

110

111

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The roll forward of the September Note derivative liability – contingent interest is as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">94,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">714,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">808,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">169,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">190,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">359,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

94000

714000

808000

169000

190000

359000

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The December Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at September 30, 2025 and December 31, 2024 are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Stock Price </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.24</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.29</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Conversion Price of conversion feature </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Term </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 1.00 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 0.97 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Risk Free Interest Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.68</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.16</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Credit Adjusted Discount Rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12.43</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Volatility </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">110</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">102</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Dividend Rate </div> </td> <td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">0</td><td style="width: 1%; text-align: left;">%</td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;"> </td><td style="width: 9%; text-align: right; padding-left: 10px;">0</td><td style="width: 1%; text-align: left;">%</td> </tr> </table>

4.24

1.29

5.43

P1Y

P0Y11M19D

3.68

4.16

12.43

110

102

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The roll forward of the December Note derivative liability – contingent interest is as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">275,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,065,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,340,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">404,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Fair Value Adjustment </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">553,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Balance – September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">957,000</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

275000

1065000

1340000

404000

553000

957000

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">5. Stock-Based Compensation</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 53%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="8" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Three Months Ended <br/> September 30,</span> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine Months Ended <br/> September 30,</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2025</span> </div> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2024</span> </div> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2025</span> </div> </td><td style="width: 1%;"> </td><td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2024</span> </div> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="15" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> <span style="font-style: italic;">in thousands</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">250</td><td style="width: 1%; text-align: left;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">340</td><td style="width: 1%; text-align: left;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">780</td><td style="width: 1%; text-align: left;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">709</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> General and administrative </div> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">248</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">175</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">684</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">633</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total stock-based compensation expense </div> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">498</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">515</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,464</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,342</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table><div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan grants to Company executives, from December 31, 2024 through September 30, 2025:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Shares</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Weighted<br/> Average<br/> Exercise<br/> Price</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">6,854,758</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">2.39</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,211,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.23</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">(561,004</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Options forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(177,334</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial; padding-left: 10px;">(2.11</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">7,327,420</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial; padding-left: 10px;">2.23</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table><div> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">As of September 30, 2025, there was $717,000 of unrecognized compensation related to 1,339,502 unvested options, which is expected to be recognized over a weighted–average period of approximately 0.7 years. The weighted-average grant date fair value for options granted during the nine months ended </span><span>September</span><span style="font-weight: bold;"> </span><span style="color: rgb(0, 0, 0);">30, 2025 was $0.87. The Company granted 1,211,000 stock options during the nine months ended September 30, 2025.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine<br/> Months<br/> Ended<br/> September<br/> 30,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine<br/> Months<br/> Ended<br/> September<br/> 30,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.48</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.88</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Expected life of the options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 5.6 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 5.4 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Expected volatility of the underlying stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">83</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">75</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Expected dividend rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> </table><div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">In January 2025, the Company’s board chairman elected to take restricted stock grants in lieu of cash retainers for 2025. A total of 32,250 shares of restricted stock valued at approximately $40,000 is being amortized to expense on a straight-line basis until December 31, 2025 when the stock vests in full. In January 2024, the Company’s board chairman elected to take restricted stock grants in lieu of cash retainers for 2024. A total of 23,256 shares of restricted stock valued at approximately $40,000 was amortized to expense on a straight-line basis until December 31, 2024 when the stock vested in full.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">During the nine months ended September 30, 2025, the Company issued 504,000 restricted stock units to its employees valued at $620,000 at the date of grant. These restricted stock units will vest 100% on the earlier of entering into a partnership or December 31, 2025. The Company believes that is probable that the vesting condition will be met and is amortizing the restricted stock unit expense ratably in 2025. The amount of expense recorded during the three and nine months ended September 30, 2025 was $154,000 and $421,000, respectively.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">In September 2020, the Company entered into an employment agreement with its new Chief Executive Officer whereby 20% of his base salary and performance bonuses will be paid in cash, and 80% will be paid in the form of deferred stock units (“DSUs”) through December 31, 2022 in accordance with the terms and subject to the provisions set forth in the DSU Agreement. DSUs credited to Mr. Lewis as of any date shall be fully vested and nonforfeitable at all times. Pursuant to an amendment to the DSU Agreement in July 2022, the Company shall issue the shares earned through December 31, 2022 underlying the outstanding whole number of DSUs credited to Mr. Lewis as follows: twenty five percent shall be issued on March 1, 2023, fifty percent shall be issued on March 1, 2024 and twenty five percent shall be issued on September 1, 2028. Additionally, a 2023 DSU Agreement was executed in July 2022, whereby Mr. Lewis would continue to receive 20% of salary in cash and 80% in DSUs through December 31, 2023. The shares under the 2023 DSU Agreement are to be issued fifty percent on March 1, 2025 and fifty percent on January 5, 2026.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On March 1, 2025, fifty percent of the DSU’s were issued to Mr. Lewis in accordance with the 2023 DSU Agreement. A total of 137,563 shares were due to be issued; however, 56,420 shares were withheld to cover income tax withholding of $88,579 (charged to additional paid in capital) resulting in 81,144 shares actually issued.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On March 1, 2024, fifty percent of the DSU’s were issued to Mr. Lewis in accordance with the DSU Agreement. A total of 367,800 shares were due to be issued; however, 153,288 shares were withheld to cover income tax withholding of $300,445 (charged to additional paid in capital) resulting in 214,512 shares actually issued.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">There is no unrecognized compensation expense related to the DSUs.</span> </div>

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 53%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="8" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Three Months Ended <br/> September 30,</span> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine Months Ended <br/> September 30,</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2025</span> </div> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2024</span> </div> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2025</span> </div> </td><td style="width: 1%;"> </td><td> </td> <td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <div> <span style="font-weight: bold;">2024</span> </div> </td><td style="border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="15" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> <span style="font-style: italic;">in thousands</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">250</td><td style="width: 1%; text-align: left;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">340</td><td style="width: 1%; text-align: left;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">780</td><td style="width: 1%; text-align: left;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left;">$</td><td style="width: 9%; text-align: right; padding-left: 10px;">709</td><td style="width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> General and administrative </div> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">248</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">175</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">684</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">633</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total stock-based compensation expense </div> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">498</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">515</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,464</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: left;"> </td> <td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="width: 9%; text-align: right; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">1,342</td><td style="width: 1%; text-align: left; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

250000

340000

780000

709000

248000

175000

684000

633000

498000

515000

1464000

1342000

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The following table summarizes the stock option activity in the Company’s equity incentive plans, including non-plan grants to Company executives, from December 31, 2024 through September 30, 2025:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Shares</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Weighted<br/> Average<br/> Exercise<br/> Price</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">6,854,758</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">2.39</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1,211,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.23</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">(561,004</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">1.98</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Options forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(177,334</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial; padding-left: 10px;">(2.11</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">7,327,420</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial; padding-left: 10px;">2.23</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table>

6854758

2.39

1211000

1.23

561004

1.98

177334

2.11

7327420

2.23

717000

1339502

P0Y8M12D

0.87

1211000

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The fair value of all other options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine<br/> Months<br/> Ended<br/> September<br/> 30,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine<br/> Months<br/> Ended<br/> September<br/> 30,</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.48</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.88</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Expected life of the options </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 5.6 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> 5.4 years </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Expected volatility of the underlying stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">83</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">75</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Expected dividend rate </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">0</td><td style="vertical-align: bottom; text-align: left; width: 1%;">%</td> </tr> </table>

0.0448

0.0388

P5Y7M6D

P5Y4M24D

0.83

0.75

32250

40000

23256

40000

504000

620000

154000

421000

0.20 0.80 0.25 0.50 0.25 0.20 0.80 0.50 0.50 0.50

137563

56420

88579

81144

0.50

367800

153288

300445

214512

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">6. Common Stock Warrants</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The following table summarizes the common stock warrant activity from December 31, 2024 through September 30, 2025:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Shares</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Weighted<br/> Average<br/> Exercise<br/> Price</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">9,595,940</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.22</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">220,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(5,843,786</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial; padding-left: 10px;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">3,972,154</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table><div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The weighted average expiration of the warrants outstanding as of September 30, 2025 is 1.7 years.</span> </div>

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The following table summarizes the common stock warrant activity from December 31, 2024 through September 30, 2025:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Shares</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">Weighted<br/> Average<br/> Exercise<br/> Price</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">9,595,940</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">4.22</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Granted </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">220,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Exercised </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;"> — </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> <div> Forfeited/cancelled </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(5,843,786</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-width: initial; border-style: none; border-color: initial; padding-left: 10px;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Outstanding, September 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">3,972,154</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table>

9595940

4.22

220000

5843786

3972154

5.93

P1Y8M12D

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">7. Loss Per Share</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss available to common stockholders by the weighted average number of common shares and other potential common shares then outstanding. Potential common shares consist of common shares issuable upon the assumed exercise of in-the-money stock options and warrants and potential common shares related to the conversion of the preferred stock. The computation of diluted net loss per share does not assume the issuance of common shares that have an anti-dilutive effect on net loss per share.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">(shares)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">(shares)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Warrants to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3,972,154</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">9,622,945</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Options to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">7,324,420</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">7,308,508</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Restricted stock units </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">496,520</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">401,256</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Shares of common stock issuable upon conversion of convertible notes payable – related party </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">7,479,217</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">6,872,504</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Shares of common stock issuable upon conversion of convertible line of credit – related party </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">30,103,330</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">24,698,459</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Shares of common stock issuable upon conversion of preferred stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">495,007</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">499,174</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">49,870,648</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">49,402,846</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table><div> </div> <div style="text-indent: 50px; padding-left: 0px; font-size: 10pt;"> During the quarter ended September 30, 2025, the Company discovered that 5,732,253 common stock purchase warrants held by 10X Fund L.P. or 10X Capital Management LLC (collectively, “10X”) had expired without being exercised in February 2025. In September 2023, the Company and 10X Fund L.P. entered into an agreement to extend the expiration date for the 5,732,253 common stock purchase warrants to the earliest of (a) September 30, 2026, (b) thirty days after 10X fails to vote all of the shares common stock then owned by them in the manner recommended by the Company’s Board of Directors, or (c) thirty days after the Company’s common stock has a closing price of at least $6.00 per share for 10 consecutive trading days. 10X failed to vote at least 4.8 million shares at the January 23, 2025 Annual Meeting of Stockholders, and thus common stock purchase warrants held by 10X expired on February 22, 2025. The Company had included these common stock purchase warrants in the footnotes regarding potentially dilutive shares in its March 31, 2025 and June 30, 2025 Form 10-Qs. After the expiration of these warrants in February 2025, the adjusted number of warrants outstanding as of March 31, 2025 and June 30, 2025 were 3,863,524 and 3,972,177, respectively. The adjusted total potentially dilutive shares as of March 31, 2025 and June 30, 2025 were 45,590,704 and 49,454,730, respectively.</div>

<div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Dilutive shares which could exist pursuant to the exercise of outstanding stock instruments and which were not included in the calculation because their affect would have been anti-dilutive are as follows:</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, <br/> 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">(shares)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">(shares)</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Warrants to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">3,972,154</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">9,622,945</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Options to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">7,324,420</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">7,308,508</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Restricted stock units </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">496,520</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">401,256</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Shares of common stock issuable upon conversion of convertible notes payable – related party </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">7,479,217</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">6,872,504</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Shares of common stock issuable upon conversion of convertible line of credit – related party </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">30,103,330</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">24,698,459</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Shares of common stock issuable upon conversion of preferred stock </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">495,007</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">499,174</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">49,870,648</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">49,402,846</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

3972154

9622945

7324420

7308508

496520

401256

7479217

6872504

30103330

24698459

495007

499174

49870648

49402846

5732253

2026-09-30

P30D P30D

P10D 4800000

3863524

3972177

45590704

49454730

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">8. Common Stock</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On May 11, 2020, the Company entered into an At Market Issuance Sales Agreement (the “2020 At Market Agreement”) with a sales agent under which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $40.0 million from time to time through the sales agent. Sales of the Company’s common stock through the sales agent, if any, will be made by any method that is deemed an “at the market” offering as defined by the U.S. Securities and Exchange Commission. The Company will pay to the sales agent a commission rate equal to 3.0% of the gross proceeds from the sale of any shares of common stock sold through the sales agent under the 2020 At Market Agreement. During the nine months ended September 30, 2025, 592,504 shares of common stock were issued under the 2020 At Market Agreement for net proceeds of approximately $2,071,000. During the nine months ended September 30, 2024, there were no issuances of shares of common stock under the 2020 At Market Agreement.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>For each of the nine months ended September 30, 2025 and 2024, the Company issued a total of 24,450 and 29,032 shares of common stock, respectively, for dividends on Series A and Series C Preferred Stock. During the three months ended June 30, 2025, 25,000 shares of Series A Convertible Preferred Stock were converted into 4,167 shares of common stock.</span> </div>

40000000 0.03

592504

2071000

24450

29032

25000

4167

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">9. Convertible Line of Credit – Related Party and Supplemental Convertible Lines of Credit – Related Party</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On July 25, 2022, the Company and Richard E. Uihlein (the “Lender”) entered into a Line of Credit Letter Agreement (the “Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $60.0 million (the “Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the Line of Credit through July 31, 2024.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Each advance made pursuant to the Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes were originally due on or before January 31, 2026, however, the maturity date was extended to September 30, 2026 in connection with a new line of credit dated July 8, 2025. Due to the extension of the maturity date for all lines of credit, the remaining amortization expense of the warrants issued with each draw was adjusted prospectively from July 8, 2025 through September 30, 2026. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>In connection with the Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 1,700,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). Upon execution of the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 500,000 shares of Company’s Common Stock at an exercise price of $5.00 per share, which Warrant is exercisable upon issuance. Further, pursuant to the Credit Agreement, the Company shall issue to the Lender additional Warrants to purchase up to the remaining 1,200,000 shares of the Company’s common stock, ratably, upon borrowings under the Credit Agreement, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029. The fair value of warrants that vest in the future based on borrowings will be computed when those borrowings occur and amortized over the remaining period through January 31, 2026.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>The fair value of the 500,000 warrants vested at closing on July 25, 2022 was $738,000 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 92%, risk free interest rate of 3.19% and zero dividends. The fair value of the vested warrants was recorded in other assets (non-current) as a deferred financing cost and will be amortized on a straight-line basis from July 25, 2022 through January 31, 2026, which was adjusted to September 30, 2025 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $25,000 and $53,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $129,000 and $157,000, respectively, was recorded as interest expense.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">On December 19, 2022, the Company executed a $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.46% (Applicable Federal Rate for short term loans on date of draw of 4.46% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was $1,963,000 and $1,399,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>The fair value of the 200,000 warrants vested at closing on December 19, 2022 was $160,780 at the date of issuance based on the following assumptions: an expected life of 7 years, volatility of 91%, risk free interest rate of 4.06% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal to be amortized on a straight-line basis, which is not materially different than the effective interest method, from December 19, 2022 through January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $6,000 and $13,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $32,000 and $39,000, respectively, was recorded as interest expense.</span> </div> <div> </div> <div style="text-indent: 35.3pt; margin-left: 0.2pt;"> <span>On March 31, 2023, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.41% (Applicable Federal Rate for short term loans on date of draw of 4.41% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was approximately $1,733,000 and $1,184,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.26 per share, which Warrant is exercisable upon issuance.</span> </div><div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 200,000 warrants vested at closing on March 31, 2023 was $296,680 at the date of issuance based on the following assumptions: an expected life of 6.33 years, volatility of 88%, risk free interest rate of 3.94% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from March 31, 2023 through January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $12,000 and $26,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $64,000 and $78,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>On June 30, 2023, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.34% (Applicable Federal Rate for short term loans on date of draw of 4.34% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was approximately $1,529,000 and $995,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 200,000 warrants vested at closing on June 30, 2023 was $179,920 at the date of issuance based on the following assumptions: an expected life of 6.08 years, volatility of 85%, risk free interest rate of 3.59% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from June 30, 2023 through January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $8,000 and $17,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $43,000 and $52,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>On December 29, 2023, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 7.13% (Applicable Federal Rate for short term loans on date of draw of 5.13% plus 2%). The effective interest rate is approximately 7.5%. Accrued interest on this draw was approximately $1,325,000 and $737,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 200,000 warrants vested at closing on December 31, 2023 was $193,745 at the date of issuance based on the following assumptions: an expected life of 5.7 years, volatility of 79%, risk free interest rate of 4.49% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from December 29, 2023 through January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $11,000 and $23,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $58,000 and $70,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>On March 29, 2024, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 6.62% (Applicable Federal Rate for short term loans on date of draw of 4.62% plus 2%). The effective interest rate is approximately 7.1%. Accrued interest on this draw was $1,041,000 and $508,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.59 per share, which Warrant is exercisable upon issuance.</span> </div> <div> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 200,000 warrants vested at closing on March 29, 2024, was $277,389 at the date of issuance based on the following assumptions: an expected life of 5.33 years, volatility of 75%, risk free interest rate of 4.19% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from March 29, 2024 through January 31, 2026, which was adjusted to September 30, 2025 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $18,000 and $38,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $94,000 and $76,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>On June 28, 2024, the Company executed an additional $10 million Promissory Note under the Line of Credit. The interest rate on this draw is 7.01% (Applicable Federal Rate for short term loans on date of draw of 5.01% plus 2%). The effective interest rate is approximately 7.4%. Accrued interest on this draw was $860,000 and $336,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $3.39 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 200,000 warrants vested at closing on June 28, 2024, was $260,000 at the date of issuance based on the following assumptions: an expected life of 5.03 years, volatility of 77%, risk free interest rate of 4.29% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from June 28, 2024 through January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three months ended September 30, 2025 and 2024 of $19,000 and $41,000, respectively, was recorded as interest expense. Amortization for the nine months ended September 30, 2025 and 2024 of $102,000 and $41,000, respectively, was recorded as interest expense.</span> </div><div style="text-indent: 34.9pt; margin-left: 0.3pt;"> <span style="color: rgb(0, 0, 0);">On March 29, 2024, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $10.0 million (the “Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the Supplemental Line of Credit through March 31, 2025.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>Each advance made pursuant to the Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes were originally due on or before January 31, 2026; </span><span style="color: rgb(0, 0, 0);">however, the maturity date was extended to September 30, 2026 in connection with a new line of credit dated July 8, 2025.</span><span> Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>In connection with the Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 200,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>On September 30, 2024, the Company executed a $10 million Promissory Note under the Supplemental Line of Credit. The interest rate on this draw is 6.13% (Applicable Federal Rate for short term loans on date of draw of 5.01% plus 2%). The effective interest rate is approximately 6.4%. Accrued interest on this draw was $631,000 and $154,000 at September 30, 2025 and December 31, 2024, respectively. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 200,000 shares of Company’s Common Stock at an exercise price of $4.13 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 200,000 warrants vested at closing on September 30, 2024, was $307,780 at the date of issuance based on the following assumptions: an expected life of 4.83 years, volatility of 78%, risk free interest rate of 3.58% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from October 1, 2024 through January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three and nine months ended September 30, 2025 of $27,000 and $143,000, respectively, was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>On November 14, 2024, the Company and Richard E. Uihlein (the “Lender”) entered into an additional Supplemental Line of Credit Letter Agreement (the “November 2024 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $6.0 million (the “November 2024 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the November 2024 Supplemental Line of Credit, as amended, through May 31, 2025.</span> </div><div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>Each advance made pursuant to the November 2024 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before March 31, 2026; </span><span style="color: rgb(0, 0, 0);">however, the maturity date was extended to September 30, 2026 in connection with a new line of credit dated July 8, 2025</span><span>. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.1pt; margin-left: 0.3pt;"> <span>At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.3pt;"> </div> <div style="text-indent: 35.3pt; margin-left: 0.2pt;"> <span>In connection with the November 2024 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 120,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the November 2024 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>On April 30, 2025, the Company executed a $6 million Promissory Note under the November 2024 Supplemental Line of Credit. The interest rate on this draw is 6.13% (Applicable Federal Rate for short term loans on date of draw of 4.13% plus 2%). The effective interest rate is approximately 6.4%. Accrued interest on this draw was $154,000 at September 30, 2025. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 120,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 120,000 warrants vested at closing on April 30, 2025, was $80,040 at the date of issuance based on the following assumptions: an expected life of 4.25 years, volatility of 84%, risk free interest rate of 3.65% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from April 30, 2025 through March 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Amortization for the three and nine months ended September 30, 2025 of $12,000 and $31,000, respectively, was recorded as interest expense.</span> </div> <div> </div> <div style="text-indent: 31.5pt;"> <span>On March 31, 2025, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “March 2025 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $5.0 million (the “March 2025 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the March 2025 Supplemental Line of Credit through September 30, 2025.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 35.7pt; margin-left: 0.1pt;"> <span>Each advance made pursuant to the March 2025 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before March 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 35.7pt; margin-left: 0.1pt;"> <span>At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 36pt;"> <span>In connection with the March 2025 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 100,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the March 2025 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div><div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>On June 30, 2025, the Company executed a $5 million Promissory Note under the March 2025 Supplemental Line of Credit. The interest rate on this draw is 5.93% (Applicable Federal Rate for short term loans on date of draw of 3.93% plus 2%). The effective interest rate is approximately 6.4%. Accrued interest on this draw was $75,000 at September 30, 2025. The principal and accrued interest is convertible at the option of the Lender at $3.00 per share. In accordance with the Credit Agreement, the Company issued the Lender a Warrant to purchase up to 100,000 shares of Company’s Common Stock at an exercise price of $3.00 per share, which Warrant is exercisable upon issuance.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.4pt; margin-left: 0.2pt;"> <span>The fair value of the 100,000 warrants vested at closing on June 30, 2025, was $132,000 at the date of issuance based on the following assumptions: an expected life of 4.08 years, volatility of 86%, risk free interest rate of 3.75% and zero dividends. The proceeds were allocated between the Promissory Note and the warrants issued, and the amount allocated to the warrants was recorded as a debt discount netted against principal amortized on a straight-line basis, which is not materially different than the effective interest method, from April 30, 2025 through September 30, 2026. Amortization for the three and nine months ended September 30, 2025 of $26,000 was recorded as interest expense.</span> </div> <div style="margin-left: 0.2pt;"> </div> <div style="text-indent: 35.8pt;"> <span>On July 8, 2025, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “July 2025 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $10.0 million (the “July 2025 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the July 2025 Supplemental Line of Credit through April 30, 2026. Additionally, in connection with the July 2025 Supplemental Credit Agreement, </span><span style="color: rgb(0, 0, 0);">the maturity dates of the Convertible Notes Payable – Related Party and all borrowings under the Convertible Lines of Credit – Related Party were extended to September 30, 2026.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 35.7pt; margin-left: 0.1pt;"> <span>Each advance made pursuant to the July 2025 Supplemental Credit Agreement shall be evidenced by an unsecured, convertible promissory note (individually, a “Promissory Note,” and collectively, the “Promissory Notes”), and bear interest at the Applicable Federal Rate for short term loans, plus two (2%) percent. Principal and interest on the Promissory Notes are due on or before September 30, 2026. Only with the consent of the Lender, may the Promissory Notes be prepaid, in whole or in part, at any time without premium or penalty, but with interest on the amount or amounts prepaid.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 35.7pt; margin-left: 0.1pt;"> <span>At the election of Lender, the principal and accrued interest on Promissory Note(s) may be converted into the number of shares of the Company’s Common Stock equal to the amount of principal and accrued interest on such Promissory Note divided by the price equal to the closing price of the Common Stock on the date of such Promissory Note, but in no event less than $3.00 per share.</span> </div> <div style="margin-left: 0.1pt;"> </div> <div style="text-indent: 36pt;"> <span>In connection with the July 2025 Supplemental Credit Agreement, the Company agreed to issue the Lender warrants to purchase up to an aggregate of 200,000 shares of the Company’s common stock, par value $0.001 per share (collectively, the “Warrants”). The Company shall issue to the Lender Warrants ratably, upon borrowings under the July 2025 Supplemental Line of Credit, with exercise prices equal to 150% of the closing price of the Company’s common Stock on the date of the Promissory Note evidencing such draw, but in no event more than $10.00 per share nor less than $3.00 per share. The Warrants expire on July 31, 2029.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>The fair value of warrants that vest in the future based on borrowings will be computed when those borrowings occur and amortized over the remaining period through September 30, 2026.</span> </div>

60000000

0.02

2026-09-30

1700000

0.001

500000

1200000 1.50

2029-07-31

500000

738000

P7Y

0.92

0.0319

25000

53000

129000

157000

10000000

0.0646

0.0446

0.02

0.071

1963000 1399000

200000

160780

P7Y

0.91

0.0406

6000

13000

32000

39000

10000000

0.0641

0.0441

0.02

0.071

1733000 1184000

200000

3.26

200000

296680

P6Y3M29D

0.88

0.0394

12000

26000

64000

78000

10000000

0.0634

0.0434

0.02

0.071

1529000 995000

200000

179920

P6Y29D

0.85

0.0359

8000

17000

43000

52000

10000000

0.0713

0.0513

0.02

0.075

1325000 737000

200000

193745

P5Y8M12D

0.79

0.0449

11000

23000

58000

70000

10000000

0.0662

0.0462

0.02

0.071

1041000 508000

200000

3.59

200000

277389

P5Y3M29D

0.75

0.0419

18000

38000

94000

76000

10000000

0.0701

0.0501

0.02

0.074

860000 336000

200000

3.39

200000

260000

P5Y10D

0.77

0.0429

19000

41000

102000

41000

10000000

0.02

2026-09-30

200000

0.001

1.50

2029-07-31

10000000

0.0613

0.0501

0.02

0.064

631000 154000

200000

4.13

200000

307780

P4Y9M29D

0.78

0.0358

27000

143000

6000000

0.02

2026-03-31

120000

0.001

1.50

2029-07-31

6000000

0.0613

0.0413

0.02

0.064

154000

120000

80040

P4Y3M

0.84

0.0365

12000

31000

5000000

0.02

2026-03-31

100000

0.001

1.50

2029-07-31

5000000

0.0593

0.0393

0.02

0.064

75000

100000

132000

P4Y29D

0.86

0.0375

26000

10000000

0.02

2026-09-30

200000

0.001

1.50

2029-07-31

<div style="text-align: justify;"> <span style="color: rgb(0, 0, 0); font-weight: bold;">10. Segments</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the CODM, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which is focused on creating new therapies for fibrotic disease based on targeting galectin proteins. The Company does not have revenue in the current comparative period, incurs expenses primarily in North America and manages the business activities on a consolidated basis.</span> </div> <div> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: rgb(0, 0, 0);">The accounting policies of the fibrotic disease therapeutics segment are the same as those described in the summary of significant accounting policies.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: rgb(0, 0, 0);">The CODM assesses performance for the fibrotic disease therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span style="color: rgb(0, 0, 0);">The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as the Company advances its product candidates through all stages of development and clinical trials.</span> </div><div style="text-indent: 36pt; text-align: justify;"> <span style="color: rgb(0, 0, 0);">As such, the CODM uses cash forecast models in deciding how to invest into the fibrotic disease therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 36pt; text-align: justify;"> <span>The table below summarizes the significant expense categories regularly reviewed by the CODM for the nine month periods ended September 30, 2025 and 2024 (in thousands).</span> </div> <div style="text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 77%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine Months Ended <br/> June 30,</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> <span style="font-weight: bold;"><span style="text-decoration:underline">(in thousands)</span></span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Operating expenses: </div> </td> <td style="width: 1%;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td><td> </td> <td style="width: 1%;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12,357</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">25,462</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> General and administrative </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">4,363</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">4,543</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total operating expenses </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">16,720</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">30,005</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Total operating loss </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(16,720</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(30,005</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Other income (expense): </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Interest income </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">101</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">254</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Interest expense </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">(5,390</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">(3,815</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Change in fair value of derivatives </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(3,327</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(1,514</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total other expense </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(8,616</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(5,075</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Net loss </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(25,336</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(35,080</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Preferred stock dividends </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(76</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(90</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Net loss applicable to common stockholders </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(25,412</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(35,170</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">) </td> </tr> </table><div style="text-align: justify;"> </div> <div style="text-indent: 32pt;"> <span>Other segment items included in segment loss include interest income and interest expense.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 32pt; text-align: justify;"> <span>The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.</span> </div> <div style="text-align: justify;"> </div> <div style="text-indent: 32pt;"> <span>For the nine-month periods ended September 30, 2025 and 2024, the net cash used in operating activities was $17.8 million and $29.0 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM as of September 30, 2025 and December 31, 2024 (in thousands).</span> </div> <div> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> <span style="font-weight: bold;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Cash and cash equivalents </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">11,525</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">15,120</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table>

<div style="text-indent: 36pt; text-align: justify;"> <span>The table below summarizes the significant expense categories regularly reviewed by the CODM for the nine month periods ended September 30, 2025 and 2024 (in thousands).</span> </div> <div style="text-align: justify;"> </div> <table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 77%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">Nine Months Ended <br/> June 30,</span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2025</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: center; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;"> <span style="font-weight: bold;">2024</span> </td><td style="vertical-align: bottom; text-align: center; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> <span style="font-weight: bold;"><span style="text-decoration:underline">(in thousands)</span></span> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Operating expenses: </div> </td> <td style="width: 1%;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td><td> </td> <td style="width: 1%;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Research and development </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">12,357</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">25,462</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> General and administrative </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">4,363</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">4,543</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total operating expenses </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">16,720</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">30,005</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Total operating loss </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(16,720</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(30,005</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Other income (expense): </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td><td style="vertical-align: bottom; width: 9%; padding-left: 10px;"> </td><td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Interest income </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">101</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">254</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Interest expense </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">(5,390</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">(3,815</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Change in fair value of derivatives </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(3,327</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(1,514</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Total other expense </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(8,616</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(5,075</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Net loss </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(25,336</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(35,080</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td> <div> Preferred stock dividends </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(76</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(90</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 1px solid black; border-top: none; border-left: none; border-right: none;">) </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td> <div> Net loss applicable to common stockholders </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(25,412</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">) </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none; padding-left: 10px;">(35,170</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">) </td> </tr> </table>The table below summarizes the significant asset categories regularly reviewed by the CODM as of September 30, 2025 and December 31, 2024 (in thousands).<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 77%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">September 30, 2025</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 9%; padding-left: 10px;"> <span style="font-weight: bold;">December 31, 2024</span> </td><td style="vertical-align: bottom; text-align: center; border-bottom: 1.11111px solid black; border-top: 1.11111px solid black; border-left: none; border-right: none; width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-left: 10px;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center; padding-left: 10px;"> <span style="font-weight: bold;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> <div> Cash and cash equivalents </div> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">11,525</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; padding-left: 10px;">15,120</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> </table>

12357000

25462000

4363000

4543000

16720000

30005000

-16720000

-30005000

101000

254000

5390000

3815000

-3327000

-1514000

-8616000

-5075000

-25336000

-35080000

76000

90000

-25412000

-35170000

-17800000

-29000000

11525000

15120000

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">11. Commitments and Contingencies</span> </div> <div> </div> <div> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Other Legal Proceedings</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The Company records accruals for such contingencies to the extent that the Company concludes that their occurrence is probable, and the related damages are estimable. There are no significant pending legal proceedings.</span> </div> <div> </div> <div> <span style="color: rgb(0, 0, 0); font-weight: bold; font-style: italic;">Clinical Trial and Research Commitments</span> </div> <div> </div> <div style="text-indent: 35.9pt;"> <span style="color: rgb(0, 0, 0);">The Company has entered into agreements with contractors for research and development activities to further its product candidates. The contracts generally may be canceled at any time by providing thirty days’ notice. The Company is involved in a negotiation with a contract vendor for clinical trial management services provided in the United States. The Company has accrued its estimate of the amount owed to the contract vendor.</span> </div>

P30D

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">12. Leases</span> </div> <div> </div> <div style="text-indent: 32pt;"> <span style="color: rgb(0, 0, 0);">The Company has one operating lease for its office space which was amended effective March 1, 2022 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first <span style="-sec-ix-hidden: hidden-fact-4">six and a half months</span> of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table above, the Company is responsible for our pro-rata share of the operating expenses for the building. Our lease cost for the nine-month periods ended September 30, 2025 and 2024 was approximately $41,000 and $32,000, respectively, for and is included in general and administrative expenses. In March 2025, the Company renewed its existing office space lease effective for twelve months at substantially the same terms. As of September 30, 2025, the right to use lease asset consisted of $37,000 and is included in <span style="-sec-ix-hidden: hidden-fact-5">other assets</span>. Also, at September 30, 2025, current lease liability of $37,000 is included in <span style="-sec-ix-hidden: hidden-fact-6">accrued expenses</span>.</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span>Maturity of operating lease as of September 30, 2025 in thousands:</span> </div> <div> </div> <table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 89%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> 2025 </div> </td><td><span style="letter-spacing: normal; text-align: right; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td> <td style="text-align: right;">16 </td><td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> 2026 </div> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"> </td> <td style="text-align: right; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black;"> 22 </td><td style="vertical-align: bottom; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> Total </div> </td><td> </td> <td style="text-align: right;"> 38 </td><td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> Less imputed interest </div> </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;"> </td> <td style="text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"> (1</td><td style="vertical-align: bottom; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> Present value of lease liability </div> </td><td style="border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"><span style="letter-spacing: normal; text-align: right; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td> <td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">37 </td><td style="vertical-align: bottom; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table><div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">The discount rate used in calculating the present value of the lease payments was 14%.</span> </div>

P38M

6000

41000

32000

P12M

37000

<div style="text-indent: 36pt;"> <span>Maturity of operating lease as of September 30, 2025 in thousands:</span> </div> <div> </div> <table style="border-spacing: 0px; border-collapse: collapse; width: 100%; font-size: 10pt;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 89%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; text-align: right;"> </td><td style="width: 1%;"> </td></tr><tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> 2025 </div> </td><td><span style="letter-spacing: normal; text-align: right; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td> <td style="text-align: right;">16 </td><td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> 2026 </div> </td><td style="border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"> </td> <td style="text-align: right; border-top: none; border-left: none; border-right: none; border-bottom: 1px solid black;"> 22 </td><td style="vertical-align: bottom; text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> Total </div> </td><td> </td> <td style="text-align: right;"> 38 </td><td style="vertical-align: bottom; text-align: right;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> Less imputed interest </div> </td><td style="border-bottom: 1px solid black; border-left: none; border-right: none; border-top: none;"> </td> <td style="text-align: right; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"> (1</td><td style="vertical-align: bottom; text-align: left; border-left: none; border-right: none; border-bottom: 1px solid black; border-top: none;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</span></td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="padding-top: 0px; padding-bottom: 0px; padding-right: 5.4pt;"> <div> Present value of lease liability </div> </td><td style="border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"><span style="letter-spacing: normal; text-align: right; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">$</span></td> <td style="text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;">37 </td><td style="vertical-align: bottom; text-align: right; border-bottom: 3px double black; border-top: none; border-left: none; border-right: none;"> </td> </tr> </table>

16000

22000

38000

1000

37000

0.14

<div> <span style="color: rgb(0, 0, 0); font-weight: bold;">13. Galectin Sciences LLC</span> </div> <div> </div> <div style="text-indent: 36pt;"> <span style="color: rgb(0, 0, 0);">In January 2014, we created Galectin Sciences, LLC (the “LLC” or “Investee”), a collaborative joint venture co-owned by SBH Sciences, Inc. (“SBH”), to research and develop small organic molecule inhibitors of galectin-3 for oral administration. The LLC was initially capitalized with a $400,000 cash investment to fund future research and development activities, which was provided by the Company, and specific in-process research and development (“IPR&D”) contributed by SBH. The estimated fair value of the IPR&D contributed by SBH, on the date of contribution, was $400,000. Initially, the Company and SBH each had a 50% equity ownership interest in the LLC, with neither party having control over the LLC. Accordingly, from inception through the fourth quarter of 2014, the Company accounted for its investment in the LLC using the equity method of accounting. Under the equity method of accounting, the Company’s investment was initially recorded at cost with subsequent adjustments to the carrying value to recognize additional investments in or distributions from the Investee, as well as the Company’s share of the Investee’s earnings, losses and/or changes in capital. The estimated fair value of the IPR&D contributed to the LLC was immediately expensed upon contribution as there was no alternative future use available at the point of contribution. The operating agreement provides that if either party does not desire to contribute its equal share of funding required after the initial capitalization, then the other party, providing all of the funding, will have its ownership share increased in proportion to the total amount contributed from inception. In the fourth quarter of 2014, after the LLC had expended the $400,000 in cash, SBH decided not to contribute its share of the funding required. Cumulatively as of September 30, 2025, the Company has contributed a total of $4,172,000, including $42,000 and $313,000 for the nine months ended September 30, 2025 and 2024, respectively, for expenses of the LLC. Since the end of 2014, SBH has contributed $711,000 for expenses in the LLC. As of June 30, 2025, the Company’s ownership percentage in the LLC was 85.4%. The Company accounts for the interest in the LLC as a consolidated, less than wholly owned subsidiary. Because the LLC’s equity is immaterial, the value of the non-controlling interest is also deemed to be immaterial.</span> </div>

400000

0.50

400000

4172000 42000 313000 711000

0.854

true September 30, 2025

http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent

P6M15D

http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent

http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent

0001133416 false Q3 --12-31