0001140361-26-012155 | 10-K | XBRL Viewer | Galectin Therapeutics INC

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Fair Value of Financial Instruments - Roll Forward of September Note Derivative Liability (Details) - September Note [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value of Financial Instruments [Abstract]
Balance	$ 94,000	$ 169,000
Fair Value Adjustment	830,000	(75,000)
Balance	$ 924,000	$ 94,000

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). Basis of Consolidation. The consolidated financial statements include the accounts of the Company and Galectin Therapeutics Security Corp., its wholly-owned subsidiary, which was incorporated in Delaware on December 23, 2003 and Galectin Sciences LLC (see Note 13). All intercompany transactions have been eliminated. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that may affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities. Management’s estimates and judgments include assumptions used in stock option valuations, accrued liabilities, derivative valuations, deferred income taxes and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions. Fair Value Measurements. 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 estimated value of accounts payable and accrued expenses approximates their carrying value due to their short-term nature. See Footnote 6 for Fair Value of Derivatives related to Convertible Notes Payable at December 31, 2024 and 2023, which are level 3 liabilities. Cash and Cash Equivalents. The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents. The Company had no cash equivalents at December 31, 2025 or 2024. Prepaid Expenses and Other Current Assets. Prepaid expenses and other assets consist principally of prepaid insurance, deposits related to the NAVIGATE trial and deferred financing costs (see Note 10). Property and Equipment. Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation and amortization, and are depreciated or amortized using the straight-line method over the estimated useful lives of the related assets of generally three years for computers and office equipment, five years for furniture and fixtures and the shorter of the useful life or life of the lease for leasehold improvements. Security Deposit. At December 31, 2025 and 2024, the Company had a security deposit of $6,000 for leased office space included in Prepaid Expenses and Other Current Assets. Long-Lived Assets. The Company reviews all long-lived assets for impairment whenever events or circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of assets to be held or used is measured by comparison of the carrying value of the asset to the future undiscounted net cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset exceeds the discounted future cash flows expected to be generated by the asset. There were no impairments of long-lived assets at December 31, 2025 or 2024. Accrued Expenses. As part of the process of preparing our consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under- or over-estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S. Warrants. The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. There were no warrant liabilities as of December 31, 2025 or 2024. Research and Development Expenses. 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. Income Taxes. The Company accounts for income taxes in accordance with the accounting rules that requires an asset and liability approach to accounting for income taxes based upon the future expected values of the related assets and liabilities. Deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and for tax loss and credit carry forwards and are measured using the expected tax rates estimated to be in effect when such basis differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will, more likely than not, be realized. Concentration of Credit Risk. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents. The Company maintains cash and cash equivalents and certificates of deposit with well-capitalized financial institutions. At times, those amounts may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk beyond the normal credit risk associated with commercial banking relationships. The Company has no other significant concentrations of credit risk. Stock-Based Compensation. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the service period, which generally represents the vesting period. For awards that have performance-based vesting conditions the Company recognizes the expense over the estimated period that the awards are expected to be earned. The Company generally uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited. *Recent Accounting Pronouncements* In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to disclosure regarding rate reconciliation and income taxes paid both in the United States and in foreign jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively, and early adoption is permitted. The Company adopted ASU 2023-09 in the year ended December 31, 2025, and reflected the amendments on a prospective basis. See note 14. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In November 2024, the FASB, issued ASUS 2024-04, Debt- Debt with Conversions and Other Option. ASU 2024-04 is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

Nature of Business, Basis of Presentation, Liquidity, and Going Concern	12 Months Ended
	Dec. 31, 2025
Nature of Business, Basis of Presentation, Liquidity, and Going Concern [Abstract]
Nature of Business, Basis of Presentation, Liquidity, and Going Concern	1. Nature of Business, Basis of Presentation, Liquidity, and Going Concern 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. 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. 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 December 31, 2025, the company had $17.7 million of unrestricted cash and cash equivalents available to fund future operations. As of December 31, 2025, the Company has available borrowings under a line of credit in the amount of $10 million provided by our chairman, Richard Uihlein, (See Notes 10). The Company believes there is sufficient cash, including availability of the line of credit, to fund currently planned operations through April 2027. 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. The Company is subject to a number of risks similar to those of clinical stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research operations, need for regulatory approval of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies. Successful completion of the Company’s development program and, ultimately, the attainment of profitable operations is dependent upon future events, including obtaining adequate financing to fulfill its development activities and achieving a level of revenues adequate to support the Company’s cost structure. There are no assurances that the Company will be able to obtain additional financing on favorable terms, or at all, or successfully market its products.

Income Taxes (Details)	12 Months Ended
Income Taxes (Details)	Dec. 31, 2025 USD ($)
Income Taxes [Abstract]
Operating loss carryforwards expiration year	2037
Federal and state research and development credits expiration year	2042
Deferred tax asset valuation allowance percentage in each of the last two years	100.00%
Federal [Member]
Income Taxes [Abstract]
Research and development credits	$ 7,781,000
State [Member]
Income Taxes [Abstract]
Research and development credits	1,235,000
Expiring as a Result of 2017 Tax Act [Member] \| Federal [Member]
Income Taxes [Abstract]
Net operating loss carryforwards	163,412,000
Expiring as a Result of 2017 Tax Act [Member] \| State [Member]
Income Taxes [Abstract]
Net operating loss carryforwards	169,710,000
Expiring Through 2037 [Member] \| Federal [Member]
Income Taxes [Abstract]
Net operating loss carryforwards	113,541,000
Expiring Through 2037 [Member] \| State [Member]
Income Taxes [Abstract]
Net operating loss carryforwards	$ 102,003,000

Fair Value of Financial Instruments - December Note, Key Assumptions (Details) - December Note [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock Price [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	4.16	1.29
Conversion Price of Conversion Feature [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	5.43	5.43
Term [Member]
Fair Value of Financial Instruments [Abstract]
Term	1 year 6 months	11 months 19 days
Risk Free Interest Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	3.48	4.16
Credit Adjusted Discount Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	12.03	12.43
Volatility [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	113	102
Dividend Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	0	0

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Stockholders’ Equity [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

At December 31, 2025, the Company had 150,000,000 shares of common stock and 20,000,000 undesignated shares authorized. As of December 31, 2024, 1,742,500 shares have been designated for Series A 12% Convertible Preferred Stock, 900,000 shares have been designated for Series B-1 Convertible Preferred Stock, 2,100,000 shares have been designated for Series B-2 Convertible Preferred Stock, 1,000 shares have been designated for Series C Super Dividend Convertible Preferred Stock, 2,508,000 shares have been designated for Series B-3 Convertible Preferred Stock, 12,748,500 have been designated as common stock and no shares remain undesignated. All issued and outstanding shares of Series B-1, Series B-2 and Series B-3 Preferred Stock were converted into Common Stock on January 19, 2019.

2020 At Market Issuance of Common Stock

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 year ended December 31, 2025, 792,537 shares of common stock were issued under the 2020 At Market Agreement for net proceeds of approximately $3,235,000. There were no issuances of common stock under the 2020 At Market Agreement during the year ended December 31, 2024.

Series A 12% Convertible Preferred Stock — February 4, 2008 Private Placement

On February 4, 2008, the Company closed a private placement begun in October 2007 of its Series A 12% Convertible Preferred Stock (“Series A”) and related warrants. In this transaction, the Company sold units of securities at $6.00 per unit, each unit comprised of (i) one share of Series A Preferred, (ii) a warrant to purchase one share of common stock for $9.00, and (iii) a warrant to purchase one share of common stock for $12.00. Each share of the Series A is entitled to dividends at the rate of 12% per annum payable at the Company’s option in cash or shares of common stock valued at the higher of $6.00 per share or 100% of the value weighted average price of the Company’s share price for the 20 consecutive trading days prior to the applicable dividend payment date. Dividends are payable semi-annually on March 30 and September 30. The dividend paid on the initial dividend payment date is calculated from the date the Company deposited each subscription advance.

The shares of Series A are entitled to vote as a class with the Company’s common stock and each share of Series A is convertible at any time to one-sixth of a share of common stock, subject to adjustment in the event of a stock dividend, stock split or combination, reclassification or similar event. The Company has the right to require conversion if the closing price of the common stock exceeds $18.00 for 15 consecutive trading days and a registration statement covering the resale of the shares of common stock issuable upon conversion of the Series A is then in effect. Each warrant is exercisable solely for cash beginning August 3, 2008 and expired on February 4, 2012. The exercise price of each warrant is adjustable in the event of a stock split or stock combination, capital reorganization, merger or similar event.

In 2025, 25,000 shares of Series A were converted into 4,167 shares of common stock. Prior to 2025, a total of 532,500 shares of Series A had been converted into 85,409 shares of common stock.

Series C 6% Super Dividend Redeemable Convertible Preferred Stock

On December 29, 2010, the Company designated and authorized the sale and issuance of up to 1,000 shares of Series C Super Dividend Redeemable Convertible Preferred Stock (“Series C”) with a par value of $0.01 and a stated value equal to $10,000 (the “Stated Value”).

On December 30, 2010, the Company sold and issued 212 shares of Series C at a price of $10,000 per share for gross proceeds of $2,120,000. The Company incurred $47,000 of cash transaction costs resulting in net cash proceeds of $2,073,000. In addition, the Company issued 500 warrants exercisable at $7.20 to a placement agent which had a de minimis value. Additionally, in January 2011, the Company sold and issued 13 shares of Series C at a price of $10,000 per share for gross proceeds of $130,000.

The terms of the Series C are as follows:

Conversion Rights. Each holder of Series C may convert all, but not less than all, of his Series C shares plus accrued and unpaid dividends into Common Stock at the price of $6.00 per share of Common Stock (“Conversion Price”), such that approximately 1,667 shares of Common Stock will be issued per each converted share of Series C (accrued and unpaid dividends will be issued as additional shares). At December 31, 2025 and 2024, the 176 outstanding shares of Series C were convertible into a total of approximately 293,340 shares of Common Stock.

Subject to the continuing obligation to pay post conversion dividends, the Company may convert all, but not less than all, of the Series C (plus all accrued and unpaid dividends) into Common Stock, at the Conversion Price, upon such time that the closing price of the Common Stock is no less than $18.00 per share for 15 consecutive trading days.

Dividends. Holders of Series C shall be entitled to receive cumulative non-compounding dividends at the rate per share of Series C equal to the greater of (i) 6% per annum of the Stated Value (also defined as the “Floor”) or (ii) 2.5% of net sales until the total dividends paid is equal to the initial investment and 1.25% of net sales thereafter. The maximum amount each Series C shareholder will receive in dividend payments is equal to $100,000 (the “Maximum Payout”). For purposes of this dividend calculation, net sales shall mean gross revenues actually received by the Company, from the sale or licensing of the product DAVANAT^® (GM-CT-01), less chargebacks, returns, expenses attributable to product recalls, duties, customs, sales tax, freight, insurance, shipping expenses, allowances and other customary deductions.

The dividend shall be payable in arrears semiannually on March 31 and September 30, beginning with the first such date after the original issue date; provided, however, that all dividends and all other distributions shall cease, and no further dividends or other distributions shall be paid, in respect of each share of Series C from and after such time that the Maximum Payout has been paid in respect of such share of Series C. Such dividends shall be payable at the Company’s option either in cash or in duly authorized, fully paid and non-assessable shares of Common Stock valued at the higher of (i) $3.00 per share or (ii) the average of the Common Stock trading price for the ten (10) consecutive trading days ending on the trading day that is immediately prior to the dividend payment date.

Series C Post Conversion Dividend Right. In the event that any share of Series C is converted into Common Stock before the Maximum Payout is paid in respect of such converted share of Series C, then the holder shall have the right to continue to receive dividends in respect of such converted share of Series C equal to the remaining payout (the “Series C Preferred Stock Post Conversion Dividend Right”) which shall be equal to the Maximum Payout less the cumulative dividends received through the conversion date. One share of Series C Preferred Stock Post Conversion Dividend Right shall be issued for each such converted share of Series C. The holder of each Series C Preferred Stock Post Conversion Dividend Right shall receive the remaining payout on an equal basis and in conjunction with the then outstanding shares of Series C and all the other then outstanding Series C Post Conversion Dividend Rights, in the same manner and subject to the same terms and conditions as applicable to the payment of dividends on each share of Series C, except that for purposes of calculating the dividend the Floor shall not apply. The Series C Preferred Stock Post Conversion Dividend Right shall have no stated value, liquidation preference or right to any dividends or distributions other than the remaining payout. The Series C Preferred Stock Post Conversion Right is subject to redemption in the same manner as outstanding Series C shares.

At the date of issuance, the Series C have an embedded dividend right to continue to receive dividend payments after conversion to common stock (the Series C Post Conversion Dividend Right) which requires bifurcation. The value of this post conversion dividend right on the date of issuance was determined to be de minimis due to the fact that the payment of a dividend stream other than the 6% dividend and conversion of Series C prior to the Company achieving sales of GM-CT-01 was deemed improbable at that time. Upon a conversion of the Series C, the Company will be required to record a liability and the related expense during the period of conversion.

In July 2011, 5 shares of Series C were converted into 8,334 shares of common stock and 5 Series C Post Conversion Dividend Rights (Dividend Rights) were issued. In 2013, 24 shares of Series C were converted into 40,193 shares of common stock and 24 Dividend Rights were issued. In 2014, 20 shares of Series C were converted into 33,756 shares of common stock and 20 Dividend Rights were issued. Per the terms of the Series C, these Dividend Rights shall continue to participate in dividends, however the Floor shall not apply. At December 31, 2016 and 2015, these Dividend Rights were determined to have a de minimis value, as the payment of a dividend is considered improbable at this time. The Company will continue to evaluate and assess the Series C Post Conversion Dividend Right for each reporting period.

Liquidation Rights. In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series C will receive $10,000 per share plus accrued and unpaid dividends, payable prior and in preference to any distributions to the holders of Common Stock but after and subordinate to the Series A 12% Convertible Preferred Stock (“Series A”), Series B-1 and Series B-2, subject to the Maximum Payout.

Redemption. Upon a sale of the Company, the Company shall redeem all of the then outstanding shares of Series C and Series C Preferred Stock Post Conversion Rights within thirty (30) days after the transaction constituting the sale of the Company is closed and such closing is fully funded. The price to redeem a share of Series C and each redeemed Series C Preferred Stock Post Conversion Redemption Right shall be equal to (i) (A) the applicable return on investment (“ROI”) percentage, multiplied by (B) $10,000, minus (ii) the cumulative dividends received through the redemption date. The redemption price shall be payable at the Company’s option either in cash or in shares of common stock valued at the higher of (i) $3.00 per share or (ii) the average market price for the ten consecutive trading days ending immediately prior to the date of redemption. The ROI Percentage shall mean the percentage that applies as of the redemption date, as follows:

ROI Percentage


200%	before the second anniversary of the date of issuance;
250%	on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance;
300%	on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance;
350%	on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance;
400%	on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance;
450%	on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance;
500%	on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and
550%	on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance.

Due to the redemption feature, the Company has presented the Series C outside of permanent equity, in the mezzanine of the consolidated balance sheets at December 31, 2025 and 2024. At December 31, 2025, the Series C redemption value was $7,966,000.

Voting Rights. The Series C shares have no voting rights.

- Definition

The entire disclosure for equity.

+ References

+ Details

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value of Financial Instruments [Abstract]

Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis

Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2025 and 2024 were as follows:


	December 31, 2025		December 31, 2024
Derivative Liability – Contingent Interest April Note	$	1,680,000	$	47,000
Derivative Liability – Contingent Interest September Note	$	924,000	$	94,000
Derivative Liability – Contingent Interest December Note	$	1,358,000	$	275,000

April Note [Member]

Fair Value of Financial Instruments [Abstract]

Key Assumptions Used in Model at Inception

The April 2021 Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at December 31, 2025 and 2024 are as follows:


	December 31, 2025			December 31, 2024
Stock Price	$	4.16		$	1.29
Conversion Price of conversion feature	$	5.00		$	5.00
Term	1.5 years			0.29 years
Risk Free Interest Rate		3.48	%		4.37	%
Credit Adjusted Discount Rate		12.03	%		12.43	%
Volatility		113	%		152	%
Dividend Rate		0	%		0	%

Roll Forward of Derivative Liability - Contingent Interest

The roll forward of the April 2021 Note derivative liability – contingent interest is as follows:


Balance – December 31, 2023	$	431,000
Fair Value Adjustment		(384,000	)
Balance – December 31, 2024		47,000
Fair Value Adjustment		1,633,000
Balance – December 31, 2025	$	1,680,000

September Note [Member]

Fair Value of Financial Instruments [Abstract]

Key Assumptions Used in Model at Inception

The September 2021 Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at inception, and at December 31, 2025 and 2024 are as follows:


	December 31, 2025			December 31, 2024
Stock Price	$	4.16		$	1.29
Conversion Price of conversion feature	$	8.64		$	8.64
Term	1.5 years			0.72 years
Risk Free Interest Rate		3.48	%		4.16	%
Credit Adjusted Discount Rate		12.03	%		12.43	%
Volatility		113	%		111	%
Dividend Rate		0	%		0	%

Roll Forward of Derivative Liability - Contingent Interest

The roll forward of the September 2021 Note derivative liability – contingent interest is as follows:


Balance – December 31, 2023	$	169,000
Fair Value Adjustment		(75,000	)
Balance – December 31, 2024		94,000
Fair Value Adjustment		830,000
Balance – December 31, 2025	$	924,000

December Note [Member]

Fair Value of Financial Instruments [Abstract]

Key Assumptions Used in Model at Inception

The December 2021 Note derivative liability – contingent interest was valued using a Monte Carlo Geometric Brownian Stock Path Model. The key assumptions used in the model at inception, and at December 31, 2025 and 2024 are as follows:


	December 31, 2025			December 31, 2024
Stock Price	$	4.16		$	1.29
Conversion Price of conversion feature	$	5.43		$	5.43
Term	1.5 years			0.97 years
Risk Free Interest Rate		3.48	%		4.16	%
Credit Adjusted Discount Rate		12.03	%		12.43	%
Volatility		113	%		102	%
Dividend Rate		0	%		0	%

Roll Forward of Derivative Liability - Contingent Interest

The roll forward of the December 2021 Note derivative liability – contingent interest is as follows:


Balance – December 31, 2023	$	404,000
Fair Value Adjustment		(129,000	)
Balance – December 31, 2024		275,000
Fair Value Adjustment		1,083,000
Balance – December 31, 2025	$	1,358,000

Fair Value of Financial Instruments - Assets and Liabilities Measured and Recorded at Fair Value on Recurring Basis (Details) - Recurring [Member] - Level 3 [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
April Note [Member]
Fair Value of Financial Instruments [Abstract]
Derivative Liability - Contingent Interest	$ 1,680,000	$ 47,000
September Note [Member]
Fair Value of Financial Instruments [Abstract]
Derivative Liability - Contingent Interest	924,000	94,000
December Note [Member]
Fair Value of Financial Instruments [Abstract]
Derivative Liability - Contingent Interest	$ 1,358,000	$ 275,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Components of Net Deferred Tax Assets

The components of the net deferred tax assets are as follows at December 31:


	2025			2024
	(in thousands)
Operating loss carryforwards	$	69,301		$	63,057
Tax credit carryforwards		9,016			9,010
Other temporary differences		17,349			18,276
		95,666			90,343
Less valuation allowance		(95,666	)		(90,343	)
Net deferred tax asset	$	—		$	—

Primary Factors Affecting Income Tax Rates

The primary factors affecting the Company’s income tax rates were as follows:


	Year ended December 31,
	2025					2024
	Amount			Percent		Amount			Percent
Tax benefit as U.S. statutory rates	$	(6,224	)	(21.0	)%	$	(9,778	)	(21.0	)%
State income tax benefit		(663	)	(2.2	)		(1,181	)	(2.5	)
Permanent differences		145		0.5	%		74		0.1	%
Other		(139	)	(0.5	)%		(1,880	)	(4.0	)%
Change in valuation allowance		6,881		23.2	%		12,765		27.4	%

Total effective income tax rate	$	—		—	%	$	—		—	%

Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Expenses [Abstract]
Legal and accounting fees	$ 68	$ 74
Accrued compensation	1,056	1,523
Lease liability	22	19
Accrued research and development costs and other	3,576	6,588
Total	$ 4,722	$ 8,204
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total

Nature of Business, Basis of Presentation, Liquidity, and Going Concern (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jul. 25, 2022
Nature of Business, Basis of Presentation, Liquidity, and Going Concern [Abstract]
Cash and cash equivalents	$ 17,720	$ 15,120
Richard E. Uihlein [Member] \| Line of Credit [Member]
Nature of Business, Basis of Presentation, Liquidity, and Going Concern [Abstract]
Line of credit	$ 10,000		$ 60,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segments [Abstract]

Summary of Significant Expense Categories and Asset Categories

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands).


	Year Ended December 31,
	2025			2024
	(in thousands)
Operating expenses:
Research and development	$	14,290		$	36,571
General and administrative		5,795			5,862
Total operating expenses		20,085			42,433
Total operating loss		(20,085	)		(42,433	)
Other income (expense):
Interest income		126			338
Interest expense		(7,329	)		(5,540	)
Change in fair value of derivatives		(3,548	)		588
Total other expense		(10,751	)		(4,614)
Net loss	$	(30,836	)	$	(47,047	)
Preferred stock dividends		(138	)		(153	)
Warrant modification		—			—
Net loss applicable to common stockholders	$	(30,974	)	$	(47,200	)

The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands).


	December 31,
	2025		2024
	(in thousands)
Cash and cash equivalents	$	17,720	$	15,120

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property and Equipment [Abstract]

Property and Equipment

3. Property and Equipment

Property and equipment consist of the following at December 31:


	2025			2024
	(in thousands)
Leasehold improvements	$	2		$	2
Computer and office equipment		13			13
Furniture and fixtures		59			59
Total		74			74
Less accumulated depreciation and amortization		(74	)		(74	)
Property and equipment — net	$	—		$	—

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation [Abstract]

Components of Stock-Based Compensation Expense

Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:



		Year Ended December 31,
		2025		2024
Research and development	$	732	$	1,222
General and administrative		924		1,225
Total stock-based compensation expense	$	1,656	$	2,447

Weighted Average Assumptions Used to Determine Fair Value of Options Granted

The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:


	2025		2024
Risk-free interest rate	4.48	%	3.89	%
Expected life of the options	5.6 years		5.7 years
Expected volatility of the underlying stock	83.1	%	75.1	%
Expected dividend rate	0	%	0	%

Stock Option Activity

The following table summarizes the stock option activity in the stock-based compensation plans:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023		6,333,841		$	2.66
Granted		1,373,000			1.86
Forfeited/Cancelled		(348,750	)		6.35
Exercised		(503,333	)		1.71
Outstanding, December 31, 2024		6,854,758		$	2.39
Granted		1,211,000			1.23
Forfeited/Cancelled		(403,085	)		1.76
Exercised		(1,090,164	)		2.05
Outstanding, December 31, 2025		6,572,509		$	2.27		5.58	$	13,031
Exercisable, December 31, 2025		6,237,508		$	2.60		5.42	$	12,155

Outstanding and Exercisable Options under Stock Based Compensation Plans

The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2025:

	Options Outstanding					Options Exercisable
Exercise Price (Range)	Number of Shares	Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
		(in years)
$0.89 – 1.50	1,771,541		7.10	$	1.19		1,536,540	$	1.19
$1.51 – 2.50	3,022,227		5.85		2.00		2,922,227		2.00
$2.51 – 5.00	1,558,741		3.82		3.47		1,558,741		3.47
$5.01 – 6.71	220,000		2.10		5.92		220,000		5.92
	6,572,509		5.58	$	2.39		6,138,254	$	2.45

Convertible Notes Payable – Related Party (Details)					12 Months Ended
Convertible Notes Payable – Related Party (Details)	May 14, 2024 $ / shares shares	Dec. 20, 2021 USD ($) PromissoryNote $ / shares	Sep. 17, 2021 USD ($) Loan PromissoryNote	Apr. 16, 2021 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)
April 2021 Note [Member]
Convertible Notes Payable – Related Party [Abstract]
Change in fair value of derivative					$ (1,633,000)	$ (384,000)
Amortization of debt discount					420,000
Additional interest expense					31,000	105,000
September 2021 Note [Member]
Convertible Notes Payable – Related Party [Abstract]
Change in fair value of derivative					830,000	75,000
Amortization of debt discount					433,000
Additional interest expense					77,000	108,000
Convertible note payable repayment			$ 10,000,000
December 2021 Note [Member]
Convertible Notes Payable – Related Party [Abstract]
Convertible note principal		$ 10,000,000
Maturity date		Jun. 30, 2027
Conversion price (in Dollars per share) \| $ / shares		$ 5.43
Interest rate compounded annually		2.00%
Effective interest rate		3.00%
Accrued interest expense					213,000	209,000
Additional interest rate per quarter		2.50%
Additional interest rate per annum from issuance date to maturity date period		10.00%
Fair value of derivative liability		$ 415,000			1,358,000	275,000
Change in fair value of derivative					1,083,000	129,000
Amortization of debt discount					415,000
Additional interest expense					$ 101,000	104,000
Number of promissory notes evidenced by loans agreement (in PromissoryNote) \| PromissoryNote		2
Convertible note payable repayment		$ 10,000,000
Richard E. Uihlein [Member] \| April 2021 Note [Member]
Convertible Notes Payable – Related Party [Abstract]
Maturity date					Jun. 30, 2027
Richard E. Uihlein [Member] \| April 2021 Note [Member]
Convertible Notes Payable – Related Party [Abstract]
Debt financing arrangement				$ 10,000,000
Convertible note principal				$ 10,000,000
Maturity date	Apr. 16, 2025				Apr. 16, 2025
Conversion price (in Dollars per share) \| $ / shares	$ 5				$ 5
Interest rate compounded annually					2.00%
Effective interest rate					3.00%
Accrued interest expense					$ 216,000	212,000
Additional interest rate per quarter				2.50%
Additional interest rate per annum from issuance date to maturity date period				10.00%
Fair value of derivative liability				$ 420,000	$ 1,680,000	47,000
Common stock, shares issued (in Shares) \| shares	0
Richard E. Uihlein [Member] \| September 2021 Note [Member]
Convertible Notes Payable – Related Party [Abstract]
Debt financing arrangement			$ 20,000,000
Maturity date					Jun. 30, 2027
Conversion price (in Dollars per share) \| $ / shares					$ 8.64
Interest rate compounded annually					2.00%
Effective interest rate					3.00%
Accrued interest expense					$ 215,000	210,000
Additional interest rate per quarter			2.50%
Additional interest rate per annum from issuance date to maturity date period			10.00%
Fair value of derivative liability			$ 433,000		$ 924,000	$ 94,000
Number of loans closing (in Loan) \| Loan			2
Number of promissory notes evidenced by loans agreement (in PromissoryNote) \| PromissoryNote			2
Number of promissory notes executed (in PromissoryNote) \| PromissoryNote			2
Richard E. Uihlein [Member] \| First Closing [Member]
Convertible Notes Payable – Related Party [Abstract]
Debt financing arrangement			$ 10,000,000
Richard E. Uihlein [Member] \| Second Closing [Member]
Convertible Notes Payable – Related Party [Abstract]
Debt financing arrangement		$ 10,000,000

Fair Value of Financial Instruments - September Note, Key Assumptions (Details) - September Note [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock Price [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	4.16	1.29
Conversion Price of Conversion Feature [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	8.64	8.64
Term [Member]
Fair Value of Financial Instruments [Abstract]
Term	1 year 6 months	8 months 19 days
Risk Free Interest Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	3.48	4.16
Credit Adjusted Discount Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	12.03	12.43
Volatility [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	113	111
Dividend Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	0	0

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses [Abstract]

Accrued Expenses

Accrued expenses consist of the following at December 31:


	2025		2024
	(in thousands)
Legal and accounting fees	$	68	$	74
Accrued compensation		1,056		1,523
Lease liability		22		19
Accrued research and development costs and other		3,576		6,588
Total	$	4,722	$	8,204

Galectin Sciences LLC (Details) - Galectin Sciences, LLC [Member] - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended			108 Months Ended	144 Months Ended
	Jan. 31, 2014	Dec. 31, 2014	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2014	Dec. 31, 2023	Dec. 31, 2025
Galectin Sciences LLC [Abstract]
Initial cash investment	$ 400,000
Ownership percentage			85.50%				85.50%
Amount expanded in cash		$ 400,000
Contribution for expenses		$ 73,000	$ 57,000	$ 350,000		$ 3,326,000
Loss from equity method investment					$ 400,000
Non-cash charge for in-process research and development					$ 200,000
SBH [Member]
Galectin Sciences LLC [Abstract]
Ownership percentage	50.00%
Contribution for expenses							$ 711,000
SBH [Member] \| IPR&D [Member]
Galectin Sciences LLC [Abstract]
Estimated fair value of asset contributed to joint venture	$ 400,000

Segments (Details) $ in Thousands	12 Months Ended
Segments (Details) $ in Thousands	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Segments [Abstract]
Number of operating segments	1
Number of reportable segments	1
Net cash used in operating activities \| $	$ (23,875)	$ (41,767)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment [Abstract]
Property and equipment	$ 74	$ 74
Less accumulated depreciation and amortization	(74)	(74)
Property and equipment — net	0	0
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment	2	2
Computer and Office Equipment [Member]
Property and Equipment [Abstract]
Property and equipment	13	13
Furniture and Fixtures [Member]
Property and Equipment [Abstract]
Property and equipment	$ 59	$ 59

Income Taxes - Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Taxes [Abstract]
Operating loss carryforwards	$ 69,301	$ 63,057
Tax credit carryforwards	9,016	9,010
Other temporary differences	17,349	18,276
Deferred tax assets, gross	95,666	90,343
Less valuation allowance	(95,666)	(90,343)
Net deferred tax asset	$ 0	$ 0

Stockholders' Equity (Details)							1 Months Ended	12 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2014 shares	Dec. 31, 2013 shares	Jul. 31, 2011 shares	Dec. 30, 2010 USD ($) $ / shares shares	Dec. 29, 2010 $ / shares shares	Feb. 04, 2008 $ / shares shares	Jan. 31, 2011 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) Rights $ / shares shares	Dec. 31, 2024 USD ($) shares
Stockholders’ Equity [Abstract]
Common stock, shares authorized (in Shares)								150,000,000	150,000,000
Undesignated stock, shares authorized (in Shares)								20,000,000	20,000,000
Convertible preferred stock, shares authorized (in Shares)								1,742,500	1,742,500
Issuance of common stock (in Shares)								65,201,995	63,157,235
Net proceeds from issuance of common stock (in Dollars) \| $								$ 3,235,000	$ 0
Share price (in Dollars per share) \| $ / shares								$ 4.16
Common stock shares outstanding (in Shares)								65,201,995	63,157,235
ROI before second anniversary of date of issuance								200.00%
ROI after second anniversary but before third anniversary of date of issuance								250.00%
ROI after third anniversary but before fourth anniversary of date of issuance								300.00%
ROI after fourth anniversary but before fifth anniversary of date of issuance								350.00%
ROI after fifth anniversary but before sixth anniversary of date of issuance								400.00%
ROI after sixth anniversary but before seventh anniversary of date of issuance								450.00%
ROI after seventh anniversary but before eighth anniversary of date of issuance								500.00%
ROI after eighth anniversary but before ninth anniversary of date of issuance								550.00%
Convertible preferred stock, redemption value (in Dollars) \| $								$ 7,966,000,000
2020 Market Agreement [Member]
Stockholders’ Equity [Abstract]
Aggregate offering price (in Dollars) \| $								$ 40,000,000
Percentage of commission rate to be paid to sales agent								3.00%
Issuance of common stock (in Shares)								792,537	0
Net proceeds from issuance of common stock (in Dollars) \| $								$ 3,235,000
Series A 12% Convertible Preferred Stock [Member]
Stockholders’ Equity [Abstract]
Convertible preferred stock, shares authorized (in Shares)									1,742,500
Preferred stock, dividend rate						12.00%
Shares issued, price (in Dollars per share) \| $ / shares						$ 6
Number of shares issued upon exercise of warrant (in Shares)						1
Weighted average price percentage						100.00%
Convertible preferred stock (in Shares)								25,000	532,500
Common stock issued upon conversion (in Shares)								4,167	85,409
Series A 12% Convertible Preferred Stock [Member] \| Scenario 1 [Member]
Stockholders’ Equity [Abstract]
Exercise price of warrant (in Dollars per share) \| $ / shares						$ 9
Number of consecutive trading days						20 days
Series A 12% Convertible Preferred Stock [Member] \| Scenario 2 [Member]
Stockholders’ Equity [Abstract]
Exercise price of warrant (in Dollars per share) \| $ / shares						$ 12
Number of consecutive trading days						15 days
Series A 12% Convertible Preferred Stock [Member] \| Minimum [Member]
Stockholders’ Equity [Abstract]
Share price (in Dollars per share) \| $ / shares						$ 18
Series B-1 Convertible Preferred Stock [Member]
Stockholders’ Equity [Abstract]
Convertible preferred stock, shares authorized (in Shares)									900,000
Series B-2 Convertible Preferred Stock [Member]
Stockholders’ Equity [Abstract]
Convertible preferred stock, shares authorized (in Shares)									2,100,000
Series C 6% Super Dividend Redeemable Convertible Preferred Stock [Member]
Stockholders’ Equity [Abstract]
Convertible preferred stock, shares authorized (in Shares)									1,000
Preferred stock, dividend rate				6.00%
Shares issued, price (in Dollars per share) \| $ / shares				$ 10,000			$ 10,000
Exercise price of warrant (in Dollars per share) \| $ / shares				$ 7.2
Number of consecutive trading days				15 days				10 days
Convertible preferred stock (in Shares)	33,756	40,193	8,334					293,340	293,340
Preferred stock issued (in Shares)				212			13
Preferred stock par value (in Dollars per share) \| $ / shares					$ 0.01
Stated value of dividend payment (in Dollars per share) \| $ / shares				$ 10,000
Gross proceeds from issuance of preferred stock (in Dollars) \| $				$ 2,120,000			$ 130,000
Transaction costs (in Dollars) \| $				47,000
Net proceeds from issuance of preferred stock (in Dollars) \| $				$ 2,073,000
Warrants issued (in Shares)				500
Common stock share conversion price (in Dollars per share) \| $ / shares				$ 6
Common stock shares issued (in Shares)				1,667
Preferred stock redemption price (in Dollars per share) \| $ / shares				$ 3				$ 3
Post conversion dividend rights (in Shares)	20	24	5
Closing days after conversion rights								30 days
Post conversion redemption right, return on investment multiplier amount (in Dollars) \| $								$ 10,000
Convertible preferred stock, redemption value (in Dollars) \| $								$ 7,966,000
Convertible preferred stock, voting rights (in Rights) \| Rights								0
Series C 6% Super Dividend Redeemable Convertible Preferred Stock [Member] \| Scenario 1 [Member]
Stockholders’ Equity [Abstract]
Dividend as percentage of net sales				2.50%
Series C 6% Super Dividend Redeemable Convertible Preferred Stock [Member] \| Scenario 2 [Member]
Stockholders’ Equity [Abstract]
Dividend as percentage of net sales				1.25%
Series C 6% Super Dividend Redeemable Convertible Preferred Stock [Member] \| Maximum [Member]
Stockholders’ Equity [Abstract]
Preferred stock issued (in Shares)					1,000
Stated value of dividend payment (in Dollars per share) \| $ / shares					$ 10,000
Convertible preferred stock dividend (in Dollars) \| $				$ 100,000
Series B-3 Convertible Preferred Stock [Member]
Stockholders’ Equity [Abstract]
Convertible preferred stock, shares authorized (in Shares)									2,508,000
Common Stock [Member]
Stockholders’ Equity [Abstract]
Convertible preferred stock, shares authorized (in Shares)									12,748,500
Preferred stock issued (in Shares)								792,537
Common Stock [Member] \| Series C 6% Super Dividend Redeemable Convertible Preferred Stock [Member]
Stockholders’ Equity [Abstract]
Common stock shares outstanding (in Shares)								176	176
Common Stock [Member] \| Series C 6% Super Dividend Redeemable Convertible Preferred Stock [Member] \| Minimum [Member]
Stockholders’ Equity [Abstract]
Share price (in Dollars per share) \| $ / shares				$ 18

Convertible Line of Credit – Related Party and Supplemental Lines of Credit – Related Party	12 Months Ended
	Dec. 31, 2025
Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Convertible Line of Credit – Related Party and Supplemental Lines of Credit – Related Party	10. Convertible Line of Credit – Related Party and Supplemental Lines of Credit – Related Party 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. 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. In connection with another new line of credit dated December 31, 2025, the maturity date for all lines of credit was extended to June 30, 2027. 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. 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. 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 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, 2026 in connection with the extension of maturity in July 2025, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the years ended December 31, 2025 and 2024 of $154,000 and $210,000, respectively, was recorded as interest expense. 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 approximately $2,158,000 and $1,399,000 at December 31, 2025 and 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the years ended December 31, 2025 and 2024 of $38,000 and $52,000, respectively, was recorded as interest expense. 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 $1,922,000 and $1,184,000 at December 31, 2025 and 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 and 2024 of $77,000 and $105,000, respectively, was recorded as interest expense. 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 $1,713,000 and $995,000 at December 31, 2025 and 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 and 2024 of $51,000 and $69,000, respectively, was recorded as interest expense. 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 $1,532,000 and $737,000 at December 31, 2025 and 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 and 2024 of $69,000 and $93,000, respectively, was recorded as interest expense. 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 $1,229,000 and $508,000 at December 31, 2025 and 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. 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, 2026 in connection with the extension of maturity in July 2025, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 and 2024 of $111,000 and $114,000, respectively, was recorded as interest expense. 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 $1,110,000 and $336,000 at December 31, 2025 and 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 and 2024 of $121,000 and $82,000, respectively, was recorded as interest expense. 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. 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 are due on or before January 31, 2026, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 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. 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. 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. 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 6.48% (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 $841,000 and $154,000 at December 31, 2025 and 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 and 2024 of $170,000 and $58,000, respectively was recorded as interest expense. 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 through March 31, 2025. 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, which was adjusted to September 30, 2026 in connection with the extension of maturity in July 2025, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 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. 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. 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. 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 $248,000 at December 31, 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. Amortization for the year ended December 31, 2025 of $43,000 was recorded as interest expense. 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. 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 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. 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. 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. 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 $150,000 at December 31, 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. 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 June 30, 2025 through September 30, 2026. Amortization for the year ended ended December 31, 2025 of $52,000 was recorded as interest expense. 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, 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, and further adjusted to June 30, 2027 in connection with the extension of maturity in December 2025. 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. 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. 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. On December 31, 2025, the Company executed a $10 million Promissory Note under the July 2025 Supplemental Line of Credit. The interest rate on this draw is 5.6% (Applicable Federal Rate for short term loans on date of draw of 3.6% plus 2%). The effective interest rate is approximately 5.9%. The principal and accrued interest is convertible at the option of the Lender at $4.05 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 $4.05 per share, which Warrant is exercisable upon issuance. The fair value of the 200,000 warrants vested at closing on December 31, 2025, was $454,000 at the date of issuance based on the following assumptions: an expected life of 3.58 years, volatility of 92%, risk free interest rate of 3.55% 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 31, 2025 through June 30, 2027. On December 19, 2025, the Company and Richard E. Uihlein (the “Lender”) entered into a Supplemental Line of Credit Letter Agreement (the “December 2025 Supplemental Credit Agreement”), pursuant to which the Lender shall provide the Company a line of credit of up to $10.0 million (the “December 2025 Supplemental Line of Credit”) to finance the Company’s working capital needs. The Company may draw upon the December 2025 Supplemental Line of Credit through January 31, 2027. Each advance made pursuant to the December 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 June 30, 2027. 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. 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 $4.38 per share. In connection with the December 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. 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 June 30, 2027.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Fair Value of Financial Instruments - April Note, Key Assumptions (Details) - April Note [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock Price [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	4.16	1.29
Conversion Price of Conversion Feature [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	5	5
Term [Member]
Fair Value of Financial Instruments [Abstract]
Term	1 year 6 months	3 months 14 days
Risk Free Interest Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	3.48	4.37
Credit Adjusted Discount Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	12.03	12.43
Volatility [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	113	152
Dividend Rate [Member]
Fair Value of Financial Instruments [Abstract]
Derivative liability, measurement input	0	0

Loss Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	52,308,372	49,077,798
Warrants [Member]
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	4,172,144	9,595,940
Stock Options [Member]
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	6,572,509	6,854,758
Convertible Notes Payable - Related Party [Member]
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	7,631,297	7,024,053
Line of Credit [Member]
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	33,103,415	25,103,873
Restricted Stock Units [Member]
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	334,000	0
Convertible Preferred Stock [Member]
Loss Per Share [Abstract]
Amount excluded from calculation (in Shares)	495,007	499,174

Stock-Based Compensation (Details)	1 Months Ended		10 Months Ended			12 Months Ended
Stock-Based Compensation (Details)	Jan. 31, 2025 USD ($) shares	Jan. 31, 2024 USD ($) shares	Dec. 31, 2025 USD ($) Director $ / shares shares	Dec. 31, 2024 USD ($) Director shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2025 USD ($) Director $ / shares shares	Dec. 31, 2024 USD ($) Director $ / shares shares	Dec. 31, 2023 shares	Dec. 31, 2022	Mar. 01, 2025	Mar. 01, 2024	Mar. 01, 2023	Dec. 31, 2021 shares	Dec. 31, 2019 shares
Stock-Based Compensation [Abstract]
Expected life of the options						5 years 7 months 6 days	5 years 8 months 12 days
Expected dividend yield used in the option valuation model						0.00%	0.00%
Closing price (in Dollars per share) \| $ / shares			$ 4.16			$ 4.16
Weighted-average grant-date fair values of options granted (in Dollars per share) \| $ / shares						$ 0.87	$ 1.26
Unvested option (in Shares)			335,001	716,504		335,001	716,504
Unrecognized compensation cost (in Dollars) \| $				$ 283,000			$ 283,000
Unrecognized compensation cost, recognition period						1 year
Options vested (in Shares)						1,255,418	1,966,167
Total fair value of options vested (in Dollars) \| $						$ 1,273,328	$ 2,772,748
Amortized expense (in Dollars) \| $						$ 1,656,000	$ 2,447,000
Restricted Stock [Member]
Stock-Based Compensation [Abstract]
Restricted stock awards granted (in Shares)	504,000	408,000				32,520	23,256
Restricted stock units valued at grant (in Dollars) \| $	$ 620,000	$ 734,000
Vesting percentage of Restricted Stock Units						100.00%	100.00%
Restricted stock awards vested (in Shares)						334,000
Number of Directors (in Director) \| Director			1	1		1	1
Amortized expense (in Dollars) \| $						$ 40,000	$ 40,000
Chief Executive Officer [Member]
Stock-Based Compensation [Abstract]
Unrecognized compensation cost (in Dollars) \| $			$ 0			$ 0
Minimum [Member]
Stock-Based Compensation [Abstract]
Award term						5 years
Expected life of the options						5 years
Maximum [Member]
Stock-Based Compensation [Abstract]
Award term						10 years
Expected life of the options						6 years
Deferred Bonus [Member] \| Chief Executive Officer [Member]
Stock-Based Compensation [Abstract]
Percentage of base salary paid in cash								20.00%	20.00%
Percentage of base salary paid in deferred stock units								80.00%	80.00%
Percentage of DSUs shall be credited on March 1, 2023									25.00%
Percentage of DSUs shall be credited on March 1, 2024									50.00%
Percentage of DSUs shall be credited on September 1, 2028									25.00%
Percentage of DSUs shall be credited on March 1, 2025/2024										50.00%	50.00%
Shares unissued (in Shares)			137,563	367,800	183,900	137,563	367,800	183,900
Shares withheld to cover income tax withholding (in Shares)			56,420	153,288	75,529
Income tax payment withholding (in Dollars) \| $			$ 88,579	$ 300,445	$ 156,345
Shares issued (in Shares)			81,144	214,512	108,371
Percentage of DSUs shall be credited on March 1, 2023												25.00%
Percentage of DSUs shall be credited on March 1, 2025					50.00%			50.00%
Percentage of DSUs shall be credited on January 5, 2026					50.00%			50.00%
Equity Incentive Plan 2019 [Member]
Stock-Based Compensation [Abstract]
Number of shares authorized for issuance (in Shares)					10,000,000			10,000,000					7,000,000	4,000,000
Stock awards, available for future grant (in Shares)				4,135,213			4,135,213
Incentive Compensation Plan 2009 [Member]
Stock-Based Compensation [Abstract]
Number of shares authorized for issuance (in Shares)				6,733,334			6,733,334

Stock-Based Compensation - Outstanding and Exercisable Options under Stock Based Compensation Plans (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Stock-Based Compensation [Abstract]
Options Outstanding, Number of Shares (in Shares) \| shares	6,572,509
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 6 months 29 days
Options Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 2.39
Options Exercisable, Number of Shares (in Shares) \| shares	6,138,254
Options Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 2.45
$0.89-1.50 [Member]
Stock-Based Compensation [Abstract]
Options Outstanding, Number of Shares (in Shares) \| shares	1,771,541
Options Outstanding, Weighted Average Remaining Contractual Life	7 years 1 month 6 days
Options Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 1.19
Options Exercisable, Number of Shares (in Shares) \| shares	1,536,540
Options Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 1.19
$1.51-2.50 [Member]
Stock-Based Compensation [Abstract]
Options Outstanding, Number of Shares (in Shares) \| shares	3,022,227
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 10 months 6 days
Options Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 2
Options Exercisable, Number of Shares (in Shares) \| shares	2,922,227
Options Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 2
$2.51-5.00 [Member]
Stock-Based Compensation [Abstract]
Options Outstanding, Number of Shares (in Shares) \| shares	1,558,741
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 9 months 25 days
Options Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 3.47
Options Exercisable, Number of Shares (in Shares) \| shares	1,558,741
Options Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 3.47
$5.01-6.71 [Member]
Stock-Based Compensation [Abstract]
Options Outstanding, Number of Shares (in Shares) \| shares	220,000
Options Outstanding, Weighted Average Remaining Contractual Life	2 years 1 month 6 days
Options Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 5.92
Options Exercisable, Number of Shares (in Shares) \| shares	220,000
Options Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 5.92
Minimum [Member] \| $0.89-1.50 [Member]
Stock-Based Compensation [Abstract]
Minimum Exercise Price (in Dollars per share)	0.89
Minimum [Member] \| $1.51-2.50 [Member]
Stock-Based Compensation [Abstract]
Minimum Exercise Price (in Dollars per share)	1.51
Minimum [Member] \| $2.51-5.00 [Member]
Stock-Based Compensation [Abstract]
Minimum Exercise Price (in Dollars per share)	2.51
Minimum [Member] \| $5.01-6.71 [Member]
Stock-Based Compensation [Abstract]
Minimum Exercise Price (in Dollars per share)	5.01
Maximum [Member] \| $0.89-1.50 [Member]
Stock-Based Compensation [Abstract]
Maximum Exercise Price (in Dollars per share)	1.5
Maximum [Member] \| $1.51-2.50 [Member]
Stock-Based Compensation [Abstract]
Maximum Exercise Price (in Dollars per share)	2.5
Maximum [Member] \| $2.51-5.00 [Member]
Stock-Based Compensation [Abstract]
Maximum Exercise Price (in Dollars per share)	5
Maximum [Member] \| $5.01-6.71 [Member]
Stock-Based Compensation [Abstract]
Maximum Exercise Price (in Dollars per share)	$ 6.71

Warrants - Warrant Activity (Details) - $ / shares	12 Months Ended
Warrants - Warrant Activity (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Warrants [Abstract]
Outstanding at beginning of period (in Dollars per share)	$ 4.21	$ 4.22
Issued (in Dollars per shares)	4.59	3.7
Exercised (in Dollars per shares)	7	3
Canceled/Expired (in Dollars per shares)	3	4.33
Outstanding at ending of period (in Dollars per shares)	$ 5.93	$ 4.21
Warrant [Member]
Warrants [Abstract]
Outstanding at beginning of period (in Shares)	9,595,940	9,256,493
Issued (in Shares)	420,000	600,000
Exercised (in Shares)	(10)	(142,503)
Canceled/Expired (in Shares)	(5,843,786)	(118,050)
Outstanding at ending of period (in Shares)	4,172,144	9,595,940

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Summary of Stock-Based Compensation Plans

At December 31, 2025, the Company has a stock-based compensation plan where the Company’s common stock has been made available for equity-based incentive grants as part of the Company’s compensation programs. In December 2019, the Company adopted the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”) which provided originally for the issuance of up to 4,000,000 shares of the Company’s common stock, subsequently increased to 7,000,000 in December 2021, and increased to 10,000,000 in December 2023 in the form of options, stock appreciation rights, restricted stock and other stock-based awards to employees, officers, directors, consultants and other eligible persons. At December 31, 2024, 4,135,213 shares were available for future grant under the 2019 Plan. Also, the Company previously had the 2009 Incentive Compensation Plan (the “2009 Plan”) which, after amendments, provided for issuance of up to 6,733,334 shares of the Company’s common stock in the form of options, stock appreciation rights, restricted stock and other stock-based awards to employees, officers, directors, consultants and other eligible persons. Provisions of the 2009 Plan stipulated that no grants could be made after February 2019; however, grants made prior to that date remain outstanding for their legal term.

Stock-Based Compensation

Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units:



		Year Ended December 31,
		2025		2024
Research and development	$	732	$	1,222
General and administrative		924		1,225
Total stock-based compensation expense	$	1,656	$	2,447

The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used:


	2025		2024
Risk-free interest rate	4.48	%	3.89	%
Expected life of the options	5.6 years		5.7 years
Expected volatility of the underlying stock	83.1	%	75.1	%
Expected dividend rate	0	%	0	%

As noted above, the fair value of stock options is determined by using the Black-Scholes option pricing model. For all options granted since January 1, 2006 the Company has generally used option terms of between 5 to 10 years, generally with 5 to 6 years representing the estimated life of options granted to employees. The volatility of the common stock is estimated using historical volatility over a period equal to the expected life at the date of grant. The risk-free interest rate used in the Black-Scholes option pricing model is determined by reference to historical U.S. Treasury constant maturity rates with terms equal to the expected terms of the awards. An expected dividend yield of zero is used in the option valuation model, because the Company does not expect to pay any cash dividends on common stock in the foreseeable future. At December 31, 2025, the Company does not anticipate any option awards will be forfeited in the calculation of compensation expense due to the limited number of employees that receive stock option grants and the Company’s historical employee turnover; however, any forfeitures will be accounted for as incurred.

The following table summarizes the stock option activity in the stock-based compensation plans:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023		6,333,841		$	2.66
Granted		1,373,000			1.86
Forfeited/Cancelled		(348,750	)		6.35
Exercised		(503,333	)		1.71
Outstanding, December 31, 2024		6,854,758		$	2.39
Granted		1,211,000			1.23
Forfeited/Cancelled		(403,085	)		1.76
Exercised		(1,090,164	)		2.05
Outstanding, December 31, 2025		6,572,509		$	2.27		5.58	$	13,031
Exercisable, December 31, 2025		6,237,508		$	2.60		5.42	$	12,155

The aggregate intrinsic value in the table above represents the total pre-tax amount, net of exercise price, which would have been received by option holders if all option holders had exercised all options with an exercise price lower than the market price on December 31, 2025, based on the closing price of the Company’s common stock of $4.16 on that date.

The weighted-average grant-date fair values of options granted during 2025 and 2024 were $0.87 and $1.26, respectively. As of December 31, 2025 and 2024, there were unvested options to purchase 335,001 and 716,504 shares of common stock, respectively. Total expected unrecognized compensation cost related to such unvested options is $283,000 at December 31, 2024, which is expected to be recognized over a weighted-average period of 1 year.

During the years ended December 31, 2025 and 2024, 1,255,418 and 1,966,167 options became vested, respectively. The total grant date fair value of options vested during the years ended December 31, 2025 and 2024 was $1,273,328 and $2,772,748, respectively.

The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2025:

	Options Outstanding					Options Exercisable
Exercise Price (Range)	Number of Shares	Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
		(in years)
$0.89 – 1.50	1,771,541		7.10	$	1.19		1,536,540	$	1.19
$1.51 – 2.50	3,022,227		5.85		2.00		2,922,227		2.00
$2.51 – 5.00	1,558,741		3.82		3.47		1,558,741		3.47
$5.01 – 6.71	220,000		2.10		5.92		220,000		5.92
	6,572,509		5.58	$	2.39		6,138,254	$	2.45

Restricted Stock Issuances

In January 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 would vest 100% on January 1, 2026 if the grantees remained employed on December 31, 2025. A total of 334,000 restricted stock units vested on January 1, 2026 and the expense was amortized ratably in 2025.

In January 2025, one director elected to take a restricted stock grant in lieu of cash retainers for 2025. A total of 32,520 shares of restricted stock valued at approximately $40,000 was amortized to expense on a straight-line basis until December 31, 2025 when the stock vested in full.

In January 2024, the Company issued 408,000 restricted stock units to its employees valued at $734,000 at the date of grant. These restricted stock units would vest 100% if the Company publicly presents the results of the Interim Analysis of its NAVIGATE clinical trial on or before December 31, 2024. The Company believed it was probable that the vesting condition will be met and is amortized the restricted stock unit expense ratably in 2024. The vesting condition was met in December 2024.

In January 2024, one director elected to take a restricted stock grant 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.

Deferred Stock Units

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.

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 resulting in 214,512 shares actually issued. On March 1, 2023, twenty five percent of the DSU’s were issued to Mr. Lewis in accordance with the DSU Agreement. A total of 183,900 shares were due to be issued; however, 75,529 shares were withheld to cover income tax withholding of $156,345 resulting in 108,371 shares actually issued.

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 for 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.

On March 1, 2025, fifty percent of the DSU’s were issued to Mr. Lewis in accordance with the 2023DSU 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 resulting in 81,144 shares actually issued.

There is no unrecognized compensation expense related to the DSUs.

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	GALECTIN THERAPEUTICS INC.
Entity Central Index Key	0001133416
Entity File Number	001-31791
Entity Tax Identification Number	04-3562325
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 109
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	4960 Peachtree Industrial Blvd
Entity Address, Address Line Two	Suite 240
Entity Address, City or Town	Norcross
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30071
Entity Phone Fax Numbers [Line Items]
City Area Code	678
Local Phone Number	620-3186
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	GALT
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		65,827,448

Fair Value of Financial Instruments - Roll Forward of December Note Derivative Liability (Details) - December Note [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value of Financial Instruments [Abstract]
Balance	$ 275,000	$ 404,000
Fair Value Adjustment	1,083,000	(129,000)
Balance	$ 1,358,000	$ 275,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and Contingencies

12.

Commitments and Contingencies

Lease Commitments

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 six and one-half months of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table below, the Company is responsible for our pro-rata share of the operating expenses for the building. In March 2025, the Company renewed its existing office space lease effective for twelve months at substantially the same terms. Our lease cost for the years ended December 31, 2025 and 2024 was $58,000 and $44,000, respectively, and is included in general and administrative expenses. As of December 31, 2025, the right to use lease asset consisted of $22,000 and is included in other assets. Also, at December 31, 2025, current lease liability of $22,000 is included in accrued expenses.

Maturity of operating lease as of December 31, 2025 in thousands:


2025		22
Total		22
Less imputed interest		-
Present value of lease liability	$	22

The discount rate used in calculating the present value of the lease payments was 11%.

Legal Proceedings

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 pending legal proceedings.

Clinical Trial and Research Contingencies

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 dispute with a contract vendor for clinical trial management services provided outside of the United States. The contract in question is a variable contract. The Company has accrued its estimate of the amount owed to the contract vendor at December 31, 2025.

Warrants (Details)	Dec. 31, 2025
Warrants [Abstract]
Weighted average expiration term of warrants outstanding	1 year 7 months 6 days

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (30,836)	$ (47,047)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Fair Value of Financial Instruments (Details) - Recurring [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Level 1 [Member]
Fair Value of Financial Instruments [Abstract]
Assets	$ 0	$ 0
Liabilities	0	0
Level 2 [Member]
Fair Value of Financial Instruments [Abstract]
Assets	0	0
Liabilities	$ 0	$ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Fair Value of Financial Instruments - Roll Forward of April Note Derivative Liability (Details) - April Note [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value of Financial Instruments [Abstract]
Balance	$ 47,000	$ 431,000
Fair Value Adjustment	1,633,000	(384,000)
Balance	$ 1,680,000	$ 47,000

Galectin Sciences LLC	12 Months Ended
Galectin Sciences LLC	Dec. 31, 2025
Galectin Sciences LLC [Abstract]
Galectin Sciences LLC	13. Galectin Sciences LLC 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 have 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. As a result, the Company contributed the $73,000 needed for the fourth quarter of 2014 expenses of the LLC and an additional $3,326,000 in total from 2015 through 2023. The Company contributed $57,000 and $350,000 for the LLC expenses (recorded in research and development expenses) in 2025 and 2024, respectively, and SBH has contributed a total of $711,000 since 2014. As of December 31, 2025, the Company’s ownership percentage in the LLC was 85.5%. 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. The Company’s portion of the LLC’s net loss for 2014, prior to the change in accounting discussed previously, was $400,000, which includes the Company’s proportionate share of the non-cash charge associated with the contributed IPR&D of $200,000.

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Warrants [Abstract]

Warrant Activity

Warrant activity is summarized as follows:


	Warrants			Weighted average exercise price

Outstanding at December 31, 2023		9,256,493		$	4.22
Issued		600,000			3.70
Exercised		(142,503	)		3.00
Canceled/Expired		(118,050	)		4.33
Outstanding at December 31, 2024		9,595,940		$	4.21
Issued		420,000			4.59
Exercised		(10	)		7.00
Canceled/Expired		(5,843,786	)		3.00
Outstanding at December 31, 2025		4,172,144		$	5.93

Outstanding Warrants Issued in Connection with Equity and Debt Financings and Consultants

The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2025.


Issued in Connection With	Number Outstanding		Exercise Price	Exercisable Date	Expiration Date
May 23, 2019 Rights Offering warrants	2,622,144	$	7.00	May 23, 2019	May 23, 2026
July 22, 2022 Warrants issued in connection with related party line of credit	330,000	$	5.00	July 22, 2022	July 31, 2029
December 29, 2023 Warrants issued for draw on related party line of credit	200,000	$	3.00	December 29, 2023	July 31, 2029
March 29, 2024 Warrants issued for draw on related party line of credit	200,000	$	3.59	March 29, 2024	July 31, 2029
June 28, 2024 Warrants issued for draw on related party line of credit	200,000	$	3.39	June 28, 2024	July 31, 2029
September 30, 2024 Warrants issued for draw on related party line of credit	200,000	$	4.13	September 30, 2024	July 31, 2029
April 30, 2025 Warrants issued for draw on related party line of credit	120,000	$	3.00	April 30, 2025	July 31, 2029
June 30, 2025 Warrants issued for draw on related party line of credit	100,000	$	3.50	June 30, 2025	July 31, 2029
December 31, 2025 Warrants issued for draw on related party line of credit	200,000	$	6.08	December 31, 2024	July 31, 2029
Total Outstanding Warrants	4,172,144

Convertible Notes Payable – Related Party	12 Months Ended
Convertible Notes Payable – Related Party	Dec. 31, 2025
Convertible Notes Payable – Related Party [Member]
Convertible Notes Payable – Related Party [Abstract]
Convertible Notes Payable – Related Party	5. Convertible Notes Payable – Related Party On April 16, 2021, the Company and Richard E. Uihlein entered into a debt financing arrangement whereby Mr. Uihlein loaned $10,000,000 to 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. 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 years ended December 31, 2025 and 2024, approximately $216,000 and $212,000, respectively, of interest expense was accrued and included with the principal in the financial statements. 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 $1,680,000 and $47,000 and December 31, 2025 and 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 years ended December 31, 2024 and 2023 of ($1,633,000) and ($384,000), respectively, was charged to other expense/(income) for the years ended December 31, 2025 and 2024. The amortization of the original $420,000 debt discount of $31,000 and $105,000 was recorded as additional interest expense for the years ended December 31, 2025 and 2024, respectively. 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 10), 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 10), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 from September 30, 2025 to September 30, 2026. Finally, in connection with entering into the December 2025 Supplemental Line of Credit (see Note 10), the Company agreed to extend the maturity date of the Convertible Promissory Note dated April 2021 from September 30, 2026 to June 30, 2027. 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 June 30, 2027. On September 17, 2021, the Company and Mr. Uihlein entered into a loan agreement in the aggregate of $20,000,000 (the “Loan Agreement”) to be funded in two closings and evidenced by two separate unsecured convertible promissory notes. The first of the two promissory notes was also executed and delivered on September 17, 2021, (the “September 2021 Note”) to evidence the first loan in the principal amount of $10,000,000. The second closing under the Loan Agreement for the remaining $10,000,000 occurred on December 20, 2021. The September 2021 Note had an original maturity date of September 17, 2025, which was also extended to June 30, 2027, 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 years ended December 31, 2025 and 2024, approximately $215,000 and $210,000, respectively, of interest expense was accrued and included with the principal in the financial statements. 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 $924,000 and $94,000 and December 31, 2025 and 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 years ended December 31, 2025 and 2024 of ($830,000) and ($75,000), respectively, was recorded to other expense/(income) for the years ended December 31, 2025 and 2024. The amortization of the original $433,000 debt discount of $77,000 and $108,000 was recorded as additional interest expense for the years ended December 31, 2025 and 2024, respectively. 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 an original maturity date of December 20, 2025, which was also extended to June 30, 2027, 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 the years ended December 31, 2025 and 2024, approximately $213,000 and $209,000, respectively, of interest expense was accrued and included with the principal in the financial statements. 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 $1,358,000 and $275,000 at December 31, 2025 and 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 years ended December 31, 2025 and 2024 of ($1,083,000) and ($129,000), respectively was recorded to other expense/(income) for the years ended December 31, 2025 and 2024. The amortization of the original $415,000 debt discount of $101,000 and $104,000 was recorded as additional interest expense for the years ended December 31, 2025 and 2024, respectively. The Company’s contractual cash obligations related to the outstanding convertible notes payable is a repayment of the repayment of the September 2021 Note of the $10,000,000 plus accrued interest on June 30, 2027 and a repayment of the December 2021 Note of the $10,000,000 plus accrued interest on June 30, 2027, unless converted at the option of the noteholder.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes - Primary Factors Affecting Income Tax Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes [Abstract]
Tax benefit as U.S. statutory rates	$ (6,224)	$ (9,778)
Tax benefit as U.S. statutory rates	(21.00%)	(21.00%)
State income tax benefit	$ (663)	$ (1,181)
State income tax benefit	(2.20%)	(2.50%)
Permanent differences	$ 145	$ 74
Permanent differences	0.50%	0.10%
Other	$ (139)	$ (1,880)
Other	(0.50%)	(4.00%)
Change in valuation allowance	$ 6,881	$ 12,765
Change in valuation allowance	23.20%	27.40%
Total effective income tax rate	$ 0	$ 0
Total effective income tax rate	0.00%	0.00%

Warrants - Outstanding Warrants Issued in Connection with Equity and Debt Financings and Consultants (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Warrants [Abstract]
Number outstanding (in Shares)	4,172,144
May 23, 2019 Rights Offering warrants [Member]
Warrants [Abstract]
Number outstanding (in Shares)	2,622,144
Exercise price (in Dollars per share) \| $ / shares	$ 7
Exercisable date	May 23, 2019
Expiration date	May 23, 2026
Warrant issue date	May 23, 2019
July 22, 2022 Warrants Issued in Connection with Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	330,000
Exercise price (in Dollars per share) \| $ / shares	$ 5
Exercisable date	Jul. 22, 2022
Expiration date	Jul. 31, 2029
Warrant issue date	Jul. 22, 2022
December 29, 2023 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	200,000
Exercise price (in Dollars per share) \| $ / shares	$ 3
Exercisable date	Dec. 29, 2023
Expiration date	Jul. 31, 2029
Warrant issue date	Dec. 29, 2023
March 29, 2024 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	200,000
Exercise price (in Dollars per share) \| $ / shares	$ 3.59
Exercisable date	Mar. 29, 2024
Expiration date	Jul. 31, 2029
Warrant issue date	Mar. 29, 2024
June 28, 2024 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	200,000
Exercise price (in Dollars per share) \| $ / shares	$ 3.39
Exercisable date	Jun. 28, 2024
Expiration date	Jul. 31, 2029
Warrant issue date	Jun. 28, 2024
September 30, 2024 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	200,000
Exercise price (in Dollars per share) \| $ / shares	$ 4.13
Exercisable date	Sep. 30, 2024
Expiration date	Jul. 31, 2029
Warrant issue date	Sep. 30, 2024
April 30, 2025 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	120,000
Exercise price (in Dollars per share) \| $ / shares	$ 3
Exercisable date	Apr. 30, 2025
Expiration date	Jul. 31, 2029
Warrant issue date	Apr. 30, 2025
June 30, 2025 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	100,000
Exercise price (in Dollars per share) \| $ / shares	$ 3.5
Exercisable date	Jun. 30, 2025
Expiration date	Jul. 31, 2029
Warrant issue date	Jun. 30, 2025
December 31, 2025 Warrants Issued for Draw on Related Party Line of Credit [Member]
Warrants [Abstract]
Number outstanding (in Shares)	200,000
Exercise price (in Dollars per share) \| $ / shares	$ 6.08
Exercisable date	Dec. 31, 2024
Expiration date	Jul. 31, 2029
Warrant issue date	Dec. 31, 2025

Segments - Significant Expense and Asset Categories (Details) - Business Operating Segment [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 14,290	$ 36,571
General and administrative	5,795	5,862
Total operating expenses	20,085	42,433
Total operating loss	(20,085)	(42,433)
Other income (expense):
Interest income	126	338
Interest expense	(7,329)	(5,540)
Change in fair value of derivatives	(3,548)	588
Total other expense	(10,751)	(4,614)
Net loss	(30,836)	(47,047)
Preferred stock dividends	(138)	(153)
Warrant modification	0	0
Net loss applicable to common stockholders	(30,974)	(47,200)
Cash and cash equivalents	$ 17,720	$ 15,120

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 1,656	$ 2,447
Research and Development [Member]
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	732	1,222
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Total stock-based compensation expense	$ 924	$ 1,225

Stock-Based Compensation - Weighted Average Assumptions Used to Determine Fair Value of Options Granted (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Risk-free interest rate	4.48%	3.89%
Expected life of the options	5 years 7 months 6 days	5 years 8 months 12 days
Expected volatility of the underlying stock	83.10%	75.10%
Expected dividend rate	0.00%	0.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	Cherry Bekaert LLP
Auditor Firm ID	677
Auditor Location	Atlanta, Georgia

Convertible Line of Credit – Related Party and Supplemental Lines of Credit – Related Party (Details) - USD ($)																12 Months Ended
	Dec. 31, 2025	Dec. 19, 2025	Jul. 08, 2025	Jun. 30, 2025	Apr. 30, 2025	Mar. 31, 2025	Nov. 14, 2024	Sep. 30, 2024	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 19, 2022	Jul. 25, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)	$ 4.16															$ 4.16
Common stock, par value (in Dollars per share)	$ 0.001															$ 0.001	$ 0.001
Expected life																5 years 7 months 6 days	5 years 8 months 12 days
Expected volatility																83.10%	75.10%
Risk free interest rate																4.48%	3.89%
Expected dividend																0.00%	0.00%
Proceeds from lines of credit (in Dollars)																$ 21,000,000	$ 30,000,000
Board of Directors Chairman [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Common stock, par value (in Dollars per share)						$ 0.001									$ 0.001
Percentage of warrants equal to the closing price of common stock						150.00%									150.00%
Warrants expiry date	Jul. 31, 2029															Jul. 31, 2029
Board of Directors Chairman [Member] \| Common Stock [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Warrants to purchase common stock (in Shares)		200,000	200,000			100,000									1,700,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001	$ 0.001													$ 0.001
Board of Directors Chairman [Member] \| Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Line of credit (in Dollars)	$ 10,000,000														$ 60,000,000	$ 10,000,000
Additional short term borrowing interest rate									2.00%	2.00%	2.00%				2.00%
Promissory notes, maturity date																Jun. 30, 2027
Share price (in Dollars per share)	$ 4.05				$ 3				$ 3	$ 3	$ 3					$ 4.05
Proceeds from lines of credit (in Dollars)									$ 10,000,000	$ 10,000,000	$ 10,000,000
Interest rate on short term loans									7.01%	6.62%	7.13%
Short term borrowing interest rate									5.01%	4.62%	5.13%
Effective interest rate									7.40%	7.10%	7.50%
Accrued interest (in Dollars)	$ 248,000															$ 248,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| December 2022 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Additional short term borrowing interest rate														2.00%
Share price (in Dollars per share)	$ 3															$ 3
Proceeds from lines of credit (in Dollars)														$ 10,000,000
Interest rate on short term loans														6.46%
Short term borrowing interest rate														4.46%
Effective interest rate														7.10%
Accrued interest (in Dollars)	$ 2,158,000															$ 2,158,000	1,399,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| March 2023 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Additional short term borrowing interest rate													2.00%
Share price (in Dollars per share)													$ 3
Proceeds from lines of credit (in Dollars)													$ 10,000,000
Interest rate on short term loans													6.41%
Short term borrowing interest rate													4.41%
Effective interest rate													7.10%
Accrued interest (in Dollars)	1,922,000															1,922,000	1,184,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| June 2023 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Additional short term borrowing interest rate												2.00%
Share price (in Dollars per share)												$ 3
Proceeds from lines of credit (in Dollars)												$ 10,000,000
Interest rate on short term loans												6.34%
Short term borrowing interest rate												4.34%
Effective interest rate												7.10%
Accrued interest (in Dollars)	1,713,000															1,713,000	995,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| December 2023 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Accrued interest (in Dollars)	1,532,000															1,532,000	737,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| March 2024 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Accrued interest (in Dollars)	1,229,000															1,229,000	508,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| June 2024 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Accrued interest (in Dollars)	$ 1,110,000															1,110,000	336,000
Board of Directors Chairman [Member] \| Line of Credit [Member] \| September 2024 Promissory Note [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Line of Credit Facility, Increase, Accrued Interest (in Dollars)																$ 841,000	154,000
Board of Directors Chairman [Member] \| Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Line of credit (in Dollars)			$ 10,000,000							$ 10,000,000
Additional short term borrowing interest rate	2.00%		2.00%					2.00%		2.00%
Promissory notes, maturity date										Jan. 31, 2026						Sep. 30, 2026
Share price (in Dollars per share)								$ 3		$ 3
Exercise price (in Dollars per share)								$ 4.13
Percentage of warrants equal to the closing price of common stock	150.00%		150.00%													150.00%
Warrants expiry date	Jul. 31, 2029															Jul. 31, 2029
Warrants issuance value (in Dollars)								$ 307,780
Proceeds from lines of credit (in Dollars)	$ 10,000,000							$ 10,000,000
Interest rate on short term loans	5.60%							6.48%
Short term borrowing interest rate	3.60%							5.01%								3.60%
Effective interest rate	5.90%							6.40%								5.90%
Board of Directors Chairman [Member] \| Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Line of credit (in Dollars)							$ 6,000,000
Additional short term borrowing interest rate					2.00%		2.00%
Promissory notes, maturity date																Mar. 31, 2026
Share price (in Dollars per share)							$ 3
Warrants to purchase common stock (in Shares)							120,000
Common stock, par value (in Dollars per share)							$ 0.001
Percentage of warrants equal to the closing price of common stock							150.00%
Warrants expiry date	Jul. 31, 2029															Jul. 31, 2029
Proceeds from lines of credit (in Dollars)					$ 6,000,000
Interest rate on short term loans					6.13%
Short term borrowing interest rate					4.13%
Effective interest rate					6.40%
Board of Directors Chairman [Member] \| March 2025 Supplemental Credit Agreement [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Line of credit (in Dollars)						$ 5,000,000
Additional short term borrowing interest rate				2.00%		2.00%
Promissory notes, maturity date																Mar. 31, 2026
Share price (in Dollars per share)				$ 3
Warrants expiry date	Jul. 31, 2029															Jul. 31, 2029
Proceeds from lines of credit (in Dollars)				$ 5,000,000
Interest rate on short term loans				5.93%
Short term borrowing interest rate				3.93%
Effective interest rate				6.40%
Accrued interest (in Dollars)	$ 150,000															$ 150,000
Board of Directors Chairman [Member] \| December 2025 Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Line of credit (in Dollars)		$ 10,000,000
Additional short term borrowing interest rate		2.00%
Promissory notes, maturity date																Jun. 30, 2027
Percentage of warrants equal to the closing price of common stock		150.00%
Warrant [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Warrants issuance value (in Dollars)															$ 738,000
Expected life								4 years 9 months 29 days							7 years
Expected volatility								78.00%							92.00%
Risk free interest rate								3.58%							3.19%
Expected dividend								0.00%							0.00%
Amortization of interest expense (in Dollars)																$ 154,000	210,000
Warrant [Member] \| Board of Directors Chairman [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Exercise price (in Dollars per share)															$ 5
Warrant One [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Warrants issuance value (in Dollars)														$ 160,780
Expected life														7 years
Expected volatility														91.00%
Risk free interest rate														4.06%
Expected dividend														0.00%
Amortization of interest expense (in Dollars)																$ 38,000	52,000
Warrant One [Member] \| Board of Directors Chairman [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Exercise price (in Dollars per share)	$ 4.05			$ 3	$ 3				$ 3.39	$ 3.59	$ 3	$ 3	$ 3.26	$ 3		$ 4.05
Warrant Two [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Warrants issuance value (in Dollars)	$ 454,000			$ 132,000	$ 80,040				$ 260,000	$ 277,389		$ 179,920	$ 296,680					$ 193,745
Expected life	3 years 6 months 29 days			4 years 29 days	4 years 3 months				5 years 10 days	5 years 3 months 29 days		6 years 29 days	6 years 3 months 29 days					5 years 8 months 12 days
Expected volatility	92.00%			86.00%	84.00%				77.00%	75.00%		85.00%	88.00%					79.00%
Risk free interest rate	3.55%			3.75%					4.29%	4.19%		3.59%	3.94%					4.49%
Expected dividend	0.00%			0.00%	0.00%				0.00%	0.00%		0.00%	0.00%					0.00%
Amortization of interest expense (in Dollars)																$ 77,000	105,000
Warrants Three [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																51,000	69,000
Warrant Four [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																69,000	93,000
Warrant Five [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																111,000	114,000
Warrant Six [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																121,000	82,000
Warrants Seven [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																170,000	$ 58,000
Warrant Eight [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																43,000
Warrant Nine [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Amortization of interest expense (in Dollars)																$ 52,000
Minimum [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Expected life																5 years
Minimum [Member] \| Board of Directors Chairman [Member] \| Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)															$ 3
Minimum [Member] \| Board of Directors Chairman [Member] \| Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)	$ 3		$ 3													$ 3
Minimum [Member] \| Board of Directors Chairman [Member] \| Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)							$ 3
Minimum [Member] \| Board of Directors Chairman [Member] \| March 2025 Supplemental Credit Agreement [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)						$ 3
Minimum [Member] \| Board of Directors Chairman [Member] \| December 2025 Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)		$ 4.38
Maximum [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Expected life																6 years
Maximum [Member] \| Board of Directors Chairman [Member] \| Common Stock [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Warrants to purchase common stock (in Shares)	200,000			100,000	120,000			200,000	200,000	200,000	200,000	200,000	200,000	200,000	500,000	200,000		200,000
Warrants to purchase additional common stock (in Shares)															1,200,000
Maximum [Member] \| Board of Directors Chairman [Member] \| Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)															$ 10
Maximum [Member] \| Board of Directors Chairman [Member] \| Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)	$ 10															$ 10
Maximum [Member] \| Board of Directors Chairman [Member] \| Supplemental Line of Credit [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)							$ 10
Maximum [Member] \| Board of Directors Chairman [Member] \| March 2025 Supplemental Credit Agreement [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Share price (in Dollars per share)						$ 10
Warrant Two [Member]
Convertible Line of Credit - Related Party and Supplemental Lines of Credit - Related Party [Abstract]
Risk free interest rate					3.65%

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS [Abstract]
Series C 6% super dividend redeemable convertible preferred stock, shares authorized (in Shares)	1,000	1,000
Series C 6% super dividend redeemable convertible preferred stock, shares issued (in Shares)	176	176
Series C 6% super dividend redeemable convertible preferred stock, shares outstanding (in Shares)	176	176
Series C 6% super dividend redeemable convertible preferred stock, redemption value	$ 7,966,000
Series C 6% super dividend redeemable convertible preferred stock liquidation value	$ 1,760,000
Undesignated stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Undesignated stock, shares authorized (in Shares)	20,000,000	20,000,000
Undesignated stock, shares designated (in Shares)	20,000,000	20,000,000
Series A 12% convertible preferred stock, shares authorized (in Shares)	1,742,500	1,742,500
Series A 12% convertible preferred stock, shares issued (in Shares)	1,210,000	1,235,000
Series A 12% convertible preferred stock, shares outstanding (in Shares)	1,210,000	1,235,000
Series A 12% convertible preferred stock, liquidation value	$ 1,210,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	150,000,000	150,000,000
Common stock, issued (in Shares)	65,201,995	63,157,235
Common stock, outstanding (in Shares)	65,201,995	63,157,235

Warrants

12 Months Ended

Dec. 31, 2025

Warrants [Abstract]

Warrants

Warrant activity is summarized as follows:


	Warrants			Weighted average exercise price

Outstanding at December 31, 2023		9,256,493		$	4.22
Issued		600,000			3.70
Exercised		(142,503	)		3.00
Canceled/Expired		(118,050	)		4.33
Outstanding at December 31, 2024		9,595,940		$	4.21
Issued		420,000			4.59
Exercised		(10	)		7.00
Canceled/Expired		(5,843,786	)		3.00
Outstanding at December 31, 2025		4,172,144		$	5.93

The weighted average expiration of the warrants outstanding as of December 31, 2025 is 1.6 years.

The following table summarizes information with regard to outstanding warrants issued in connection with equity and debt financings and consultants as of December 31, 2025.


Issued in Connection With	Number Outstanding		Exercise Price	Exercisable Date	Expiration Date
May 23, 2019 Rights Offering warrants	2,622,144	$	7.00	May 23, 2019	May 23, 2026
July 22, 2022 Warrants issued in connection with related party line of credit	330,000	$	5.00	July 22, 2022	July 31, 2029
December 29, 2023 Warrants issued for draw on related party line of credit	200,000	$	3.00	December 29, 2023	July 31, 2029
March 29, 2024 Warrants issued for draw on related party line of credit	200,000	$	3.59	March 29, 2024	July 31, 2029
June 28, 2024 Warrants issued for draw on related party line of credit	200,000	$	3.39	June 28, 2024	July 31, 2029
September 30, 2024 Warrants issued for draw on related party line of credit	200,000	$	4.13	September 30, 2024	July 31, 2029
April 30, 2025 Warrants issued for draw on related party line of credit	120,000	$	3.00	April 30, 2025	July 31, 2029
June 30, 2025 Warrants issued for draw on related party line of credit	100,000	$	3.50	June 30, 2025	July 31, 2029
December 31, 2025 Warrants issued for draw on related party line of credit	200,000	$	6.08	December 31, 2024	July 31, 2029
Total Outstanding Warrants	4,172,144

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

6. Fair Value of Financial Instruments

There were no level 1 or 2 assets or liabilities at December 31, 2025 or 2024.

Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2025 and 2024 were as follows:


	December 31, 2025		December 31, 2024
Derivative Liability – Contingent Interest April Note	$	1,680,000	$	47,000
Derivative Liability – Contingent Interest September Note	$	924,000	$	94,000
Derivative Liability – Contingent Interest December Note	$	1,358,000	$	275,000


	December 31, 2025			December 31, 2024
Stock Price	$	4.16		$	1.29
Conversion Price of conversion feature	$	5.00		$	5.00
Term	1.5 years			0.29 years
Risk Free Interest Rate		3.48	%		4.37	%
Credit Adjusted Discount Rate		12.03	%		12.43	%
Volatility		113	%		152	%
Dividend Rate		0	%		0	%

The roll forward of the April 2021 Note derivative liability – contingent interest is as follows:


Balance – December 31, 2023	$	431,000
Fair Value Adjustment		(384,000	)
Balance – December 31, 2024		47,000
Fair Value Adjustment		1,633,000
Balance – December 31, 2025	$	1,680,000


	December 31, 2025			December 31, 2024
Stock Price	$	4.16		$	1.29
Conversion Price of conversion feature	$	8.64		$	8.64
Term	1.5 years			0.72 years
Risk Free Interest Rate		3.48	%		4.16	%
Credit Adjusted Discount Rate		12.03	%		12.43	%
Volatility		113	%		111	%
Dividend Rate		0	%		0	%

The roll forward of the September 2021 Note derivative liability – contingent interest is as follows:


Balance – December 31, 2023	$	169,000
Fair Value Adjustment		(75,000	)
Balance – December 31, 2024		94,000
Fair Value Adjustment		830,000
Balance – December 31, 2025	$	924,000


	December 31, 2025			December 31, 2024
Stock Price	$	4.16		$	1.29
Conversion Price of conversion feature	$	5.43		$	5.43
Term	1.5 years			0.97 years
Risk Free Interest Rate		3.48	%		4.16	%
Credit Adjusted Discount Rate		12.03	%		12.43	%
Volatility		113	%		102	%
Dividend Rate		0	%		0	%

The roll forward of the December 2021 Note derivative liability – contingent interest is as follows:


Balance – December 31, 2023	$	404,000
Fair Value Adjustment		(129,000	)
Balance – December 31, 2024		275,000
Fair Value Adjustment		1,083,000
Balance – December 31, 2025	$	1,358,000

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments

12 Months Ended

Dec. 31, 2025

Segments [Abstract]

Segments

15.

Segments

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.

The accounting policies of the fibrotic disease therapeutics segment are the same as those described in the summary of significant accounting policies.

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.

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.

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.

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands).


	Year Ended December 31,
	2025			2024
	(in thousands)
Operating expenses:
Research and development	$	14,290		$	36,571
General and administrative		5,795			5,862
Total operating expenses		20,085			42,433
Total operating loss		(20,085	)		(42,433	)
Other income (expense):
Interest income		126			338
Interest expense		(7,329	)		(5,540	)
Change in fair value of derivatives		(3,548	)		588
Total other expense		(10,751	)		(4,614)
Net loss	$	(30,836	)	$	(47,047	)
Preferred stock dividends		(138	)		(153	)
Warrant modification		—			—
Net loss applicable to common stockholders	$	(30,974	)	$	(47,200	)

Other segment items included in segment loss includes interest income and interest expense.

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.

For the years ended December 31, 2025 and 2024, the net cash used in operating activities was $23.9 million and $41.8 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands).


	December 31,
	2025		2024
	(in thousands)
Cash and cash equivalents	$	17,720	$	15,120

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Commitments and Contingencies - Maturity of Operating Lease (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies [Abstract]
2025	$ 22
Total	22
Less imputed interest	0
Present value of lease liability	$ 22

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract]
Cash equivalents	$ 0	$ 0
Security deposit for leased office space	6,000	6,000
Impairment of long-lived assets	0	0
Warrant liabilities	$ 0	$ 0
Computer and Office Equipment [Member]
Summary of Significant Accounting Policies [Abstract]
Estimated useful life	3 years
Furniture and Fixtures [Member]
Summary of Significant Accounting Policies [Abstract]
Estimated useful life	5 years

- Definition

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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Maturity of Operating Lease

Maturity of operating lease as of December 31, 2025 in thousands:


2025		22
Total		22
Less imputed interest		-
Present value of lease liability	$	22

Commitments and Contingencies (Details)	12 Months Ended
Commitments and Contingencies (Details)	Dec. 31, 2025 USD ($) Lease	Dec. 31, 2024 USD ($)
Commitments and Contingencies [Abstract]
Number of operating leases (in Lease) \| Lease	1
Term of contract	38 months
Free rent period	6 months 15 days
Security deposit	$ 6,000	$ 6,000
Lease renewal term	12 months
Right to use lease asset	$ 22,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other
Current lease liability	$ 22,000	$ 19,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses	Accrued expenses
Discount rate on present value of lease payments	11.00%
Contract cancelation notice period	30 days
General and Administrative Expense [Member]
Commitments and Contingencies [Abstract]
Lease cost	$ 58,000	$ 44,000

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Accrued Expenses [Abstract]

Accrued Expenses

4. Accrued Expenses

Accrued expenses consist of the following at December 31:


	2025		2024
	(in thousands)
Legal and accounting fees	$	68	$	74
Accrued compensation		1,056		1,523
Lease liability		22		19
Accrued research and development costs and other		3,576		6,588
Total	$	4,722	$	8,204

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (30,836)	$ (47,047)
Adjustments to reconcile net loss to net cash from operating activities:
Amortization of right to use asset	53	37
Stock-based compensation expense	1,659	2,447
Non-cash interest expense	1,094	1,100
Change in fair value of derivatives	3,546	(588)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	416	(82)
Accrued interest on convertible notes payable and convertible line of credit – related party	6,235	4,440
Accounts payable, accrued expenses and other liabilities	(6,042)	(2,074)
Net cash from operating activities	(23,875)	(41,767)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash from investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from convertible line of credit – related party	21,000	30,000
Net proceeds from issuance of common stock	3,235	0
Net proceeds from exercise of common stock options and warrants	2,240	1,227
Net cash from financing activities	26,475	31,227
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,600	(10,540)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	15,120	25,660
CASH AND CASH EQUIVALENTS, END OF PERIOD	17,720	15,120
NONCASH FINANCING ACTIVITIES:
Payment of preferred stock dividends in common stock	138	91
Common stock purchase warrants issued in connection with related party line of credit	667	845
Noncash right to use lease asset	61	0
Conversion of Series A preferred to common stock	$ 10	$ 0

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Preferred Stock [Member] Series A 12% Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Deficit [Member]	Total
Beginning balance at Dec. 31, 2023					$ 1,723
Beginning balance (in Shares) at Dec. 31, 2023					176
Ending balance at Dec. 31, 2024					$ 1,723
Ending balance (in Shares) at Dec. 31, 2024					176
Beginning balance at Dec. 31, 2023	$ 500	$ 61	$ 291,847	$ (354,372)	$ (61,964)
Beginning balance (in Shares) at Dec. 31, 2023	1,235,000	61,852,914
Series A 12% convertible preferred stock dividend			64	(64)
Series A 12% convertible preferred stock dividend (in Shares)		24,700
Series C super dividend redeemable convertible preferred stock dividend			89	(89)
Series C super dividend redeemable convertible preferred stock dividend (in Shares)		35,200
Issuance of common stock from exercise of warrants		$ 1	427		428
Issuance of common stock from exercise of warrants (in Shares)		142,370
Issuance of common stock from exercise of stock options, net of shares withheld for exercise			799		$ 799
Issuance of common stock from exercise of stock options, net of shares withheld for exercise (in Shares)		473,370			503,333
Issuance of common stock from restricted stock units (in Shares)		378,000
Issuance of common stock purchase warrants in connection with related party line of credit			845		$ 845
Stock-based compensation expense			2,146		2,146
Stock-based compensation expense (in Shares)		250,548
Net loss				(47,047)	(47,047)
Ending balance at Dec. 31, 2024	$ 500	$ 62	296,217	(401,572)	(104,793)
Ending balance (in Shares) at Dec. 31, 2024	1,235,000	63,157,235
Ending balance at Dec. 31, 2025					$ 1,723
Ending balance (in Shares) at Dec. 31, 2025					176
Series A 12% convertible preferred stock dividend			67	(67)
Series A 12% convertible preferred stock dividend (in Shares)		24,450
Series C super dividend redeemable convertible preferred stock dividend			71	(71)
Series C super dividend redeemable convertible preferred stock dividend (in Shares)		29,032
Conversion of Series A convertible preferred to common stock	$ (10)		10
Conversion of Series A convertible preferred to common stock (in Shares)	(25,000)	4,167
Issuance of common stock from exercise of warrants (in Shares)		10
Issuance of common stock from exercise of stock options, net of shares withheld for exercise		$ 1	2,239		$ 2,240
Issuance of common stock from exercise of stock options, net of shares withheld for exercise (in Shares)		1,090,164			1,090,164
Issuance of common stock		$ 1	3,234		$ 3,235
Issuance of common stock (in Shares)		792,537
Issuance of common stock purchase warrants in connection with related party line of credit			667		667
Stock-based compensation expense		$ 1	1,568		1,569
Stock-based compensation expense (in Shares)		104,400
Net loss				(30,836)	(30,836)
Ending balance at Dec. 31, 2025	$ 490	$ 65	$ 304,073	$ (432,546)	$ (127,918)
Ending balance (in Shares) at Dec. 31, 2025	1,210,000	65,201,995

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 17,720	$ 15,120
Prepaid expenses and other current assets	1,716	2,132
Total current assets	19,436	17,252
Other	96	243
Total assets	19,532	17,495
Current liabilities:
Accounts payable	3,245	5,656
Accrued expenses	4,722	8,204
Current portion of convertible notes payable and accrued interest, net of debt discounts – related party (Note 5)	0	21,117
Current portion of derivative liabilities (Note 6)	0	369
Accrued dividends payable	63	63
Total current liabilities	8,030	35,409
Convertible notes payable and accrued interest, net of debt discounts – related party (Note 5)	32,702	10,733
Derivative liabilities (Note 6)	3,962	47
Borrowing and accrued interest under convertible line of credit, net of debt discount – related party (Note 10)	101,033	74,376
Total liabilities	145,727	120,565
Commitments and contingencies (Note 12)
Series C 6% super dividend redeemable convertible preferred stock; 1,000 shares authorized, 176 issued and outstanding at December 31, 2025 and 2024, redemption value: $7,966,000, liquidation value: $1,760,000 at December 31, 2025	1,723	1,723
Stockholders’ equity (deficit):
Undesignated stock, $0.01 par value; 20,000,000 shares authorized at December 31, 2025 and 2024, 20,000,000 shares designated at December 31, 2025 and 2024, respectively	0	0
Series A 12% convertible preferred stock; 1,742,500 shares authorized, 1,210,000 and 1,235,000 issued and outstanding at December 31, 2025 and 2024, respectively, liquidation value $1,210,000 at December 31, 2025	490	500
Common stock, $0.001 par value; 150,000,000 shares authorized at December 31, 2025 and 2024, 65,201,995 and 63,157,235 issued and outstanding at December 31, 2025 and 2024, respectively	65	62
Additional paid-in capital	304,073	296,217
Accumulated deficit	(432,546)	(401,572)
Total stockholders’ deficit	(127,918)	(104,793)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	$ 19,532	$ 17,495

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following at December 31:


	2025			2024
	(in thousands)
Leasehold improvements	$	2		$	2
Computer and office equipment		13			13
Furniture and fixtures		59			59
Total		74			74
Less accumulated depreciation and amortization		(74	)		(74	)
Property and equipment — net	$	—		$	—

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy We have policies and processes designed to protect our information technology systems, which are managed by outside consultants. Our cybersecurity consultants resolve issues in a timely manner in the event of a cybersecurity threat or incident. As part of our broader risk management framework, from time to time, we seek to identify potential cybersecurity risks to our business and improve our policies and processes to address such risks. We have designed our business applications to minimize the impact that cybersecurity incidents could have on our business and have identified back-up systems where appropriate. We seek to further mitigate cybersecurity risks through a combination of monitoring and detection activities, use of anti-malware applications, employee training, quality reviews and communication and reporting structures, among other processes. We have an incident response plan in place that outlines containment, eradication and recovery plans in the event of a cybersecurity threat or incident. We engage a third-party consultant to assist us with designing controls and our cybersecurity risk management framework. We are also engaging with a third party to perform penetration testing. We also retain third parties to assist with the monitoring and detection of cybersecurity threats and responding to any cybersecurity threats or incidents. With respect to third parties that manage or use our information technology or data, we obtain reports to assess the security of their systems and processes. We engage in ongoing monitoring of third-party providers to ensure compliance with our cybersecurity standards. We have not encountered cybersecurity threats or incidents that have had a material impact on our business.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have policies and processes designed to protect our information technology systems, which are managed by outside consultants. Our cybersecurity consultants resolve issues in a timely manner in the event of a cybersecurity threat or incident.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	We have not encountered cybersecurity threats or incidents that have had a material impact on our business.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our Nomination and Corporate Governance Committee has specific oversight responsibility for cybersecurity The Nomination and Corporate Governance Committee reviews and discusses with management our policies, practices and risks related to information security and cybersecurity. Our chief financial officer has primary responsibility for assessing, monitoring and managing cybersecurity risks. We utilize cybersecurity consultants to monitor and report cybersecurity threats or incidents to our chief financial officer and to resolve issues arising from such threats or incidents. Our chief financial officer updates the Nomination and Corporate Governance Committee on any risks related to cybersecurity as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Nomination and Corporate Governance Committee has specific oversight responsibility for cybersecurity The Nomination and Corporate Governance Committee reviews and discusses with management our policies, practices and risks related to information security and cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Role of Management [Text Block]	Our chief financial officer has primary responsibility for assessing, monitoring and managing cybersecurity risks. We utilize cybersecurity consultants to monitor and report cybersecurity threats or incidents to our chief financial officer and to resolve issues arising from such threats or incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our chief financial officer has primary responsibility for assessing, monitoring and managing cybersecurity risks. We utilize cybersecurity consultants to monitor and report cybersecurity threats or incidents to our chief financial officer and to resolve issues arising from such threats or incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our chief financial officer updates the Nomination and Corporate Governance Committee on any risks related to cybersecurity as needed.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our chief financial officer updates the Nomination and Corporate Governance Committee on any risks related to cybersecurity as needed.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Loss Per Share

12 Months Ended

Dec. 31, 2025

Loss Per Share [Abstract]

Loss Per Share

11.

Loss Per Share

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. For the years ended December 31, 2025 and 2024, as the Company was in a net loss position, the diluted loss per share computations for such periods did not assume the exercise of warrants and stock options or the conversion of Convertible Notes, or the conversion of convertible preferred stock as they would have had an anti-dilutive effect on loss per share.

The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as of December 31, 2025 and 2024 as the inclusion thereof would have been anti-dilutive:



	Year Ended December 31,
	2025 (Shares)		2024 (Shares)
Warrants to purchase shares of common stock		4,172,144		9,595,940
Options to purchase shares of common stock		6,572,509		6,854,758
Shares of common stock issuable upon conversion of convertible notes payable – related party		7,631,297		7,024,053
Shares of common stock issuable upon conversion of convertible line of credit – related party		33,103,415		25,103,873
Restricted stock vesting in January 2026		334,000		—
Shares of common stock issuable upon conversion preferred stock		495,007		499,174
		52,308,372		49,077,798

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 2025
Summary of Significant Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation. The consolidated financial statements include the accounts of the Company and Galectin Therapeutics Security Corp., its wholly-owned subsidiary, which was incorporated in Delaware on December 23, 2003 and Galectin Sciences LLC (see Note 13). All intercompany transactions have been eliminated.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that may affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities. Management’s estimates and judgments include assumptions used in stock option valuations, accrued liabilities, derivative valuations, deferred income taxes and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.
Fair Value Measurements	Fair Value Measurements. 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 estimated value of accounts payable and accrued expenses approximates their carrying value due to their short-term nature. See Footnote 6 for Fair Value of Derivatives related to Convertible Notes Payable at December 31, 2024 and 2023, which are level 3 liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents. The Company considers all highly-liquid investments with original maturities of 90 days or less at the time of acquisition to be cash equivalents. The Company had no cash equivalents at December 31, 2025 or 2024.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets. Prepaid expenses and other assets consist principally of prepaid insurance, deposits related to the NAVIGATE trial and deferred financing costs (see Note 10).
Property and Equipment	Property and Equipment. Property and equipment, including leasehold improvements, are stated at cost, net of accumulated depreciation and amortization, and are depreciated or amortized using the straight-line method over the estimated useful lives of the related assets of generally three years for computers and office equipment, five years for furniture and fixtures and the shorter of the useful life or life of the lease for leasehold improvements.
Security Deposit	Security Deposit. At December 31, 2025 and 2024, the Company had a security deposit of $6,000 for leased office space included in Prepaid Expenses and Other Current Assets.
Long-Lived Assets	Long-Lived Assets. The Company reviews all long-lived assets for impairment whenever events or circumstances indicate the carrying amount of such assets may not be recoverable. Recoverability of assets to be held or used is measured by comparison of the carrying value of the asset to the future undiscounted net cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset exceeds the discounted future cash flows expected to be generated by the asset. There were no impairments of long-lived assets at December 31, 2025 or 2024.
Accrued Expenses	Accrued Expenses. As part of the process of preparing our consolidated financial statements, we are required to estimate accrued expenses. This process involves identifying services that third parties have performed on our behalf and estimating the level of service performed and the associated cost incurred on these services as of each balance sheet date in our consolidated financial statements. Examples of estimated accrued expenses include professional service fees, such as those arising from the services of attorneys and accountants and accrued payroll expenses. In connection with these service fees, our estimates are most affected by our understanding of the status and timing of services provided relative to the actual services incurred by the service providers. In the event that we do not identify certain costs that have been incurred or we under- or over-estimate the level of services or costs of such services, our reported expenses for a reporting period could be understated or overstated. The date on which certain services commence, the level of services performed on or before a given date, and the cost of services are often subject to our judgment. We make these judgments based upon the facts and circumstances known to us in accordance with accounting principles generally accepted in the U.S.
Warrants	Warrants. The Company has issued common stock warrants in connection with the execution of certain equity and debt financings. The fair value of warrants is determined using the Black-Scholes option-pricing model using assumptions regarding volatility of our common share price, remaining life of the warrant, and risk-free interest rates at each period end. There were no warrant liabilities as of December 31, 2025 or 2024.
Research and Development Expenses	Research and Development Expenses. 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.
Income Taxes	Income Taxes. The Company accounts for income taxes in accordance with the accounting rules that requires an asset and liability approach to accounting for income taxes based upon the future expected values of the related assets and liabilities. Deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and for tax loss and credit carry forwards and are measured using the expected tax rates estimated to be in effect when such basis differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will, more likely than not, be realized.
Concentration of Credit Risk	Concentration of Credit Risk. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents. The Company maintains cash and cash equivalents and certificates of deposit with well-capitalized financial institutions. At times, those amounts may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk beyond the normal credit risk associated with commercial banking relationships. The Company has no other significant concentrations of credit risk.
Stock-Based Compensation	Stock-Based Compensation. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the service period, which generally represents the vesting period. For awards that have performance-based vesting conditions the Company recognizes the expense over the estimated period that the awards are expected to be earned. The Company generally uses the Black-Scholes option-pricing model to calculate the grant date fair value of stock options. The expense recognized over the service period is required to include an estimate of the awards that will be forfeited.
Recent Accounting Standards	*Recent Accounting Pronouncements* In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to disclosure regarding rate reconciliation and income taxes paid both in the United States and in foreign jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis, with the option to apply the standard retrospectively, and early adoption is permitted. The Company adopted ASU 2023-09 in the year ended December 31, 2025, and reflected the amendments on a prospective basis. See note 14. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. In November 2024, the FASB, issued ASUS 2024-04, Debt- Debt with Conversions and Other Option. ASU 2024-04 is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its disclosures.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 14,290	$ 36,571
General and administrative	5,795	5,862
Total operating expenses	20,085	42,433
Total operating loss	(20,085)	(42,433)
Other income (expense):
Interest income	126	338
Interest expense	(7,329)	(5,540)
Change in fair value of derivatives	(3,548)	588
Total other expense	(10,751)	(4,614)
Net loss	(30,836)	(47,047)
Preferred stock dividends	(138)	(153)
Net loss applicable to common stockholders	$ (30,974)	$ (47,200)
Net loss per common share - basic (in Dollars per share)	$ (0.48)	$ (0.76)
Net loss per common share - diluted (in Dollars per share)	$ (0.48)	$ (0.76)
Weighted average common and potential common shares outstanding - basic (in Shares)	63,903	62,309
Weighted average common and potential common shares outstanding - diluted (in Shares)	63,903	62,309

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Loss Per Share [Abstract]

Antidilutive Securities Excluded from Computation of Earnings Per Share



	Year Ended December 31,
	2025 (Shares)		2024 (Shares)
Warrants to purchase shares of common stock		4,172,144		9,595,940
Options to purchase shares of common stock		6,572,509		6,854,758
Shares of common stock issuable upon conversion of convertible notes payable – related party		7,631,297		7,024,053
Shares of common stock issuable upon conversion of convertible line of credit – related party		33,103,415		25,103,873
Restricted stock vesting in January 2026		334,000		—
Shares of common stock issuable upon conversion preferred stock		495,007		499,174
		52,308,372		49,077,798

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation [Abstract]
Outstanding at beginning of period (in Shares)	6,854,758	6,333,841
Outstanding at beginning of period (in Dollars per share)	$ 2.39	$ 2.66
Granted (in Shares)	1,211,000	1,373,000
Granted (in Dollars per share)	$ 1.23	$ 1.86
Forfeited/Cancelled (in Shares)	(403,085)	(348,750)
Forfeited/Cancelled (in Dollars per share)	$ 1.76	$ 6.35
Exercised (in Shares)	(1,090,164)	(503,333)
Exercised (in Dollars per share)	$ 2.05	$ 1.71
Outstanding at end of period (in Shares)	6,572,509	6,854,758
Outstanding at end of period (in Dollars per share)	$ 2.27	$ 2.39
Outstanding at end of period	5 years 6 months 29 days
Outstanding at end of period	$ 13,031
Exercisable, end of period (in Shares)	6,237,508
Exercisable, end of period (in Dollars per share)	$ 2.6
Exercisable, end of period	5 years 5 months 1 day
Exercisable, end of period	$ 12,155

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income Taxes

14.

Income Taxes

The components of the net deferred tax assets are as follows at December 31:


	2025			2024
	(in thousands)
Operating loss carryforwards	$	69,301		$	63,057
Tax credit carryforwards		9,016			9,010
Other temporary differences		17,349			18,276
		95,666			90,343
Less valuation allowance		(95,666	)		(90,343	)
Net deferred tax asset	$	—		$	—

The primary factors affecting the Company’s income tax rates were as follows:


	Year ended December 31,
	2025					2024
	Amount			Percent		Amount			Percent
Tax benefit as U.S. statutory rates	$	(6,224	)	(21.0	)%	$	(9,778	)	(21.0	)%
State income tax benefit		(663	)	(2.2	)		(1,181	)	(2.5	)
Permanent differences		145		0.5	%		74		0.1	%
Other		(139	)	(0.5	)%		(1,880	)	(4.0	)%
Change in valuation allowance		6,881		23.2	%		12,765		27.4	%

Total effective income tax rate	$	—		—	%	$	—		—	%

As of December 31, 2025, the Company has federal and state net operating loss carryforwards totaling $163,412,000 and $169,710,000, respectively, which will never expire as a result of the 2017 Tax Act. As of December 31, 2023, the Company has federal and state net operating loss carryforwards totaling $113,541,000 and $102,003,000 respectively, which expire through 2037. In addition, the Company has federal and state research and development credits of $7,781,000 and $1,235,000, respectively, which expire through 2042. Ownership changes, as defined by Section 382 of the Internal Revenue Code, may have limited the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income. Past and subsequent ownership changes could further affect the limitation in future years. Because of the Company’s limited operating history and its recorded losses, management has provided, in each of the last two years, a 100% valuation allowance against the Company’s net deferred tax assets.

The enactment of the One Big Beautiful Bill Act (“OBBBA”), including the continued capitalization and amortization requirements for Section 174 research and experimental expenditures, did not result in any state income tax liabilities or payments for the year; however, it impacted the composition of our federal net operating loss carryforwards as a portion of amounts previously deductible are now reflected as capitalized Section 174 costs.

The Company is subject to taxation in the U.S. and various states. Based on the history of net operating losses all jurisdictions and tax years are open for examination until the operating losses are utilized or the statute of limitations expires. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2025 and 2024, the Company does not have any significant uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details