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NV 04-3562325 4960 Peachtree Industrial Blvd Suite 240 Norcross GA 30071 678 620-3186 Common Stock, $0.001 Par Value Per Share GALT NASDAQ No No Yes Yes Non-accelerated Filer true false false false false 109000000 65827448 <div> <span style="font-style: italic;">Risk management and strategy</span> </div><div style="text-indent: 36pt;"> 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. </div><div style="text-indent: 36pt;"> 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. </div><div style="text-indent: 36pt;"> 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. </div><div style="text-indent: 36pt;"> 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. </div><div style="text-indent: 36pt;"> We have not encountered cybersecurity threats or incidents that have had a material impact on our business. </div> <div style="text-indent: 36pt;"> 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. </div> true true true <div style="text-indent: 36pt;"> We have not encountered cybersecurity threats or incidents that have had a material impact on our business. </div> false <div> <span style="font-style: italic;">Cybersecurity Governance</span> </div><div style="text-indent: 36pt;"> 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. </div><div style="text-indent: 36pt;"> 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. </div><div style="text-indent: 36pt;"> Our chief financial officer updates the Nomination and Corporate Governance Committee on any risks related to cybersecurity as needed. </div> <div style="text-indent: 36pt;"> 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. </div> <div style="text-indent: 36pt;"> 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. </div> <div style="text-indent: 36pt;"> 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. </div> true <div style="text-indent: 36pt;"> Our chief financial officer updates the Nomination and Corporate Governance Committee on any risks related to cybersecurity as needed. </div> <div style="text-indent: 36pt;"> Our chief financial officer updates the Nomination and Corporate Governance Committee on any risks related to cybersecurity as needed. </div> true false false false false true 677 Cherry Bekaert LLP Atlanta, Georgia 17720000 15120000 1716000 2132000 19436000 17252000 96000 243000 19532000 17495000 3245000 5656000 4722000 8204000 0 21117000 0 369000 63000 63000 8030000 35409000 32702000 10733000 3962000 47000 101033000 74376000 145727000 120565000 1000 1000 176 176 176 176 7966000000 1760000000 1723000 1723000 0.01 0.01 20000000 20000000 20000000 20000000 0 0 1742500 1742500 1210000 1210000 1235000 1235000 1210000000 490000 500000 0.001 0.001 150000000 150000000 65201995 65201995 63157235 63157235 65000 62000 304073000 296217000 -432546000 -401572000 -127918000 -104793000 19532000 17495000 14290000 36571000 5795000 5862000 20085000 42433000 -20085000 -42433000 126000 338000 7329000 5540000 -3548000 588000 -10751000 -4614000 -30836000 -47047000 138000 153000 -30974000 -47200000 -0.48 -0.48 -0.76 -0.76 63903000 63903000 62309000 62309000 176 1723000 176 1723000 176 1723000 1235000 500000 61852914 61000 291847000 -354372000 -61964000 24700 64000 -64000 35200 -89000 89000 142370 1000 427000 428000 473370 799000 799000 378000 845000 845000 250548 2146000 2146000 -47047000 -47047000 1235000 500000 63157235 62000 296217000 -401572000 -104793000 24450 67000 -67000 29032 -71000 71000 -25000 -10000 4167 10000 10 1090164 1000 2239000 2240000 792537 1000 3234000 3235000 667000 667000 104400 1000 1568000 1569000 -30836000 -30836000 1210000 490000 65201995 65000 304073000 -432546000 -127918000 -30836000 -47047000 53000 37000 1659000 2447000 1094000 1100000 3546000 -588000 -416000 82000 6235000 4440000 -6042000 -2074000 -23875000 -41767000 0 0 21000000 30000000 3235000 0 2240000 1227000 26475000 31227000 2600000 -10540000 15120000 25660000 17720000 15120000 138000 91000 667000 845000 61000 0 10000 0 <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">1.<span style="mso-tab-count:1">         </span><b>Nature of Business, Basis of Presentation, Liquidity, and Going Concern</b></span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Galectin Therapeutics Inc. and subsidiaries (the “Company”) is a clinical stage biopharmaceutical company that is applying its leadership in galectin science and drug development to create new therapies for fibrotic disease and cancer. These candidates are based on the Company’s targeting of galectin proteins which are key mediators of biologic and pathologic function. These compounds also may have application for drugs to treat other diseases and chronic health conditions.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The Company was founded in July 2000, was incorporated in the State of Nevada in January 2001 under the name “Pro-Pharmaceuticals, Inc.,” and changed its name to “Galectin Therapeutics Inc.” on May 26, 2011.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt; background: white;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div> 17700000 10000000 <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">2.<span style="mso-tab-count:1">         </span><b>Summary of Significant Accounting Policies</b></span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”).</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Basis of Consolidation.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Use of Estimates.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Fair Value Measurements</span></i><span style="font-size: 10pt;">. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Cash and Cash Equivalents.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Prepaid Expenses and Other Current Assets.</span></i><span style="font-size: 10pt;"> Prepaid expenses and other assets consist principally of prepaid insurance, deposits related to the NAVIGATE trial and deferred financing costs (see Note 10).</span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Property and Equipment.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Security Deposit.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Long-Lived Assets.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Accrued Expenses</span></i><span style="font-size: 10pt;">. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Warrants.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Research and Development Expenses.</span></i><span style="font-size: 10pt;"> Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs related to manufacturing drug product, clinical trials and preclinical studies are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Our current NAVIGATE clinical trial is being supported by third-party contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed by CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses and related expenses associated with the conduct of clinical trials, the significant factors used in estimating accruals include the number of patients enrolled, the number of active clinical sites, and the duration for which the patients have been enrolled in the trial. We monitor patient enrollment levels and related activities to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We base our estimates on the best information available at the time. We monitor patient enrollment levels and related activities to the extent possible through discussions with CRO personnel and based our estimates of clinical trial costs on the best information available at the time. However, additional information may become available to us which will allow us to make a more accurate estimate in future periods. In that event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Income Taxes.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Concentration of Credit Risk.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Stock-Based Compensation.</span></i><span style="font-size: 10pt;"> 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><b><i><span style="font-size: 10pt;">Recent Accounting Pronouncements </span></i></b></div><div style="margin: 0in; font-size: 12pt;"> </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">In December 2023, the FASB issued ASU 2023-09, <i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>. 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.<span style="mso-spacerun:yes">   </span>See note 14.</span></div><div style="margin: 0in; font-size: 12pt;"> </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">In November 2024, the FASB issued ASU 2024-03, <i>Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</i>. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">In November 2024, the FASB, issued ASUS 2024-04, <i>Debt- Debt with Conversions and Other Option. </i>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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Basis of Consolidation.</span></i><span style="font-size: 10pt;"> 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Use of Estimates.</span></i><span style="font-size: 10pt;"> 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Fair Value Measurements</span></i><span style="font-size: 10pt;">. 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Cash and Cash Equivalents.</span></i><span style="font-size: 10pt;"> 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.</span></div> 0 0 <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Prepaid Expenses and Other Current Assets.</span></i><span style="font-size: 10pt;"> Prepaid expenses and other assets consist principally of prepaid insurance, deposits related to the NAVIGATE trial and deferred financing costs (see Note 10).</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Property and Equipment.</span></i><span style="font-size: 10pt;"> 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.</span></div> P3Y P5Y <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Security Deposit.</span></i><span style="font-size: 10pt;"> 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.</span></div> 6000 6000 <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Long-Lived Assets.</span></i><span style="font-size: 10pt;"> 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.</span></div> 0 0 <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Accrued Expenses</span></i><span style="font-size: 10pt;">. 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Warrants.</span></i><span style="font-size: 10pt;"> 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.</span></div> 0 0 <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Research and Development Expenses.</span></i><span style="font-size: 10pt;"> Research and development expenses, including personnel costs, allocated facility costs, lab supplies, outside services, contract laboratory costs related to manufacturing drug product, clinical trials and preclinical studies are charged to research and development expense as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expense when the service has been performed or when the goods have been received. Our current NAVIGATE clinical trial is being supported by third-party contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed by CROs based upon the estimated amount of work completed on each trial. For clinical trial expenses and related expenses associated with the conduct of clinical trials, the significant factors used in estimating accruals include the number of patients enrolled, the number of active clinical sites, and the duration for which the patients have been enrolled in the trial. We monitor patient enrollment levels and related activities to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We base our estimates on the best information available at the time. We monitor patient enrollment levels and related activities to the extent possible through discussions with CRO personnel and based our estimates of clinical trial costs on the best information available at the time. However, additional information may become available to us which will allow us to make a more accurate estimate in future periods. In that event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Income Taxes.</span></i><span style="font-size: 10pt;"> 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Concentration of Credit Risk.</span></i><span style="font-size: 10pt;"> 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Stock-Based Compensation.</span></i><span style="font-size: 10pt;"> 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.</span></div> <div style="margin: 0in; font-size: 12pt;"><b><i><span style="font-size: 10pt;">Recent Accounting Pronouncements </span></i></b></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">In December 2023, the FASB issued ASU 2023-09, <i>Income Taxes (Topic 740): Improvements to Income Tax Disclosures</i>. 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.<span style="mso-spacerun:yes">   </span>See note 14.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">In November 2024, the FASB issued ASU 2024-03, <i>Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses</i>. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">In November 2024, the FASB, issued ASUS 2024-04, <i>Debt- Debt with Conversions and Other Option. </i>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.</span></div> <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">3.<span style="mso-tab-count:1">         </span><b>Property and Equipment</b></span></div><div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Property and equipment consist of the following at December 31:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="white-space: nowrap;" valign="bottom"> </td> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;" valign="bottom"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</b></td> <td style="white-space: nowrap;" valign="bottom"> </td> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;" valign="bottom"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2024</b></td> <td style="white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="white-space: nowrap;" valign="bottom"> </td> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>(in thousands)</b></div> </td> <td style="white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Leasehold improvements</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left;" valign="bottom">$</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">2</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left;" valign="bottom">$</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">2</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:3"> <td valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Computer and office equipment</div> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">13</td> <td style="white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">13</td> <td style="white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Furniture and fixtures</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid black;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="bottom">59</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid black;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="bottom">59</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:5"> <td valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Total</div> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-width: initial; border-style: none; border-color: initial;" valign="bottom">74</td> <td style="white-space: nowrap; width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-width: initial; border-style: none; border-color: initial;" valign="bottom">74</td> <td style="white-space: nowrap; width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Less accumulated depreciation and amortization</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom">(74</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom">) </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom">(74</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom">) </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Property and equipment — net</div> </td> <td style="white-space: nowrap; text-align: right; width: 1%; border-bottom: 4px double transparent;" valign="bottom"> </td> <td style="white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; border-bottom: 4px double black; text-align: left;" valign="bottom">$</td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="bottom">  —  </td> <td style="white-space: nowrap; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; width: 1%; border-bottom: 4px double transparent;" valign="bottom"> </td> <td style="white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: left;" valign="bottom">$</td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom">  —  </td> <td style="white-space: nowrap; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="bottom"> </td> </tr> </table> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Property and equipment consist of the following at December 31:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; width: 100%; border-spacing: 0px;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="white-space: nowrap;" valign="bottom"> </td> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;" valign="bottom"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</b></td> <td style="white-space: nowrap;" valign="bottom"> </td> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap; text-align: center;" valign="bottom"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2024</b></td> <td style="white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="white-space: nowrap;" valign="bottom"> </td> <td style="white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>(in thousands)</b></div> </td> <td style="white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Leasehold improvements</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left;" valign="bottom">$</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">2</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left;" valign="bottom">$</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">2</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:3"> <td valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Computer and office equipment</div> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">13</td> <td style="white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%;" valign="bottom">13</td> <td style="white-space: nowrap; width: 1%; text-align: left;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Furniture and fixtures</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid black;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="bottom">59</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid black;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid black;" valign="bottom">59</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:5"> <td valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Total</div> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-width: initial; border-style: none; border-color: initial;" valign="bottom">74</td> <td style="white-space: nowrap; width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; width: 1%;" valign="bottom"> </td> <td style="white-space: nowrap; width: 1%; text-align: right; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-width: initial; border-style: none; border-color: initial;" valign="bottom">74</td> <td style="white-space: nowrap; width: 1%; text-align: left; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;" valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Less accumulated depreciation and amortization</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom">(74</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom">) </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; width: 1%; border-bottom: 2px solid transparent;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; width: 1%; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom">(74</td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; text-align: left; border-bottom: 2px solid transparent;" valign="bottom">) </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td valign="top"> <div style="margin: 0in 0in 0in 16.2pt; text-indent: -16.2pt;">Property and equipment — net</div> </td> <td style="white-space: nowrap; text-align: right; width: 1%; border-bottom: 4px double transparent;" valign="bottom"> </td> <td style="white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; border-bottom: 4px double black; text-align: left;" valign="bottom">$</td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double black;" valign="bottom">  —  </td> <td style="white-space: nowrap; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="bottom"> </td> <td style="white-space: nowrap; text-align: right; width: 1%; border-bottom: 4px double transparent;" valign="bottom"> </td> <td style="white-space: nowrap; margin: 0in; border-spacing: 0px; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: left;" valign="bottom">$</td> <td style="white-space: nowrap; text-align: right; margin: 0in; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;" valign="bottom">  —  </td> <td style="white-space: nowrap; width: 1%; text-align: left; border-bottom: 4px double transparent;" valign="bottom"> </td> </tr> </table> 2000 2000 13000 13000 59000 59000 74000 74000 74000 74000 0 0 <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">4.<span style="mso-tab-count:1">         </span><b>Accrued Expenses</b></span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Accrued expenses consist of the following at December 31:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="width: 100%; border-spacing: 0px; border-collapse: collapse; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</b></td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b style="font-size: 10pt;">2024</b></div></td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>(in thousands)</b></div> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Legal and accounting fees</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">68</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">74</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Accrued compensation</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1,056</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1,523</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Lease liability </div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">22</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">19</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Accrued research and development costs and other</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">3,576</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">6,588</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Total</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="-sec-ix-hidden: hidden-fact-2; margin: 0in;">4,722</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="-sec-ix-hidden: hidden-fact-3; margin: 0in;">8,204</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Accrued expenses consist of the following at December 31:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="width: 100%; border-spacing: 0px; border-collapse: collapse; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"><b style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2025</b></td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; border-width: initial; border-style: none; border-color: initial;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b style="font-size: 10pt;">2024</b></div></td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>(in thousands)</b></div> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Legal and accounting fees</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">68</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">74</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Accrued compensation</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1,056</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1,523</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Lease liability </div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">22</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">19</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Accrued research and development costs and other</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">3,576</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">6,588</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Total</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="-sec-ix-hidden: hidden-fact-2; margin: 0in;">4,722</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="-sec-ix-hidden: hidden-fact-3; margin: 0in;">8,204</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 68000 74000 1056000 1523000 22000 19000 3576000 6588000 4722000 8204000 <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">5.<span style="mso-tab-count:1">         </span><b>Convertible Notes Payable – Related Party</b></span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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.</span></div> 10000000 10000000 2025-04-16 5 0.02 0.03 216000 212000 0.025 0.10 420000 1680000 47000 -1633000 -384000 420000 31000 105000 5 2025-04-16 2027-06-30 0 20000000 2 2 2 10000000 10000000 2027-06-30 8.64 0.02 0.03 215000 210000 0.025 0.10 433000 924000 94000 830000 75000 433000 77000 108000 2 10000000 2027-06-30 5.43 0.02 0.03 213000 209000 0.025 0.10 415000 1358000 275000 1083000 129000 415000 101000 104000 10000000 10000000 <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">6.<span style="mso-tab-count:1">         </span><b>Fair Value of Financial Instruments</b></span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">There were no level 1 or 2 assets or liabilities at December 31, 2025 or 2024.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2025 and 2024 were as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding:0in 0in 0in 0in" valign="bottom"> </td> <td style="padding:0in 0in 0in 0in" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">December 31, </span></b></div> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">2025</span></b></div> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding:0in 0in 0in 0in" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">December 31, </span></b></div> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">2024</span></b></div> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Derivative Liability – Contingent Interest April Note</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,680,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">47,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Derivative Liability – Contingent Interest September Note</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">924,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">94,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Derivative Liability – Contingent Interest December Note</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,358,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">275,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="width: 100%; border-spacing: 0px; border-collapse: collapse; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td colspan="2" style="padding: 0in; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31,</b></div> <div style="margin: 0in;"><b><span style="mso-spacerun:yes"> </span>2025</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31, <br/>2024</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Stock Price</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.16</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1.29</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Conversion Price of conversion feature</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.00</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.00</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Term</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;"><span style="mso-spacerun:yes"> </span>1.5 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0.29 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Risk Free Interest Rate</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">3.48</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.37</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Credit Adjusted Discount Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.03</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.43</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Volatility</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">113</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">152</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Dividend Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The roll forward of the April 2021 Note derivative liability – contingent interest is as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2023</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">431,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">(384,000</span></div> </td> <td style="padding: 0in; white-space: nowrap; vertical-align: middle;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">)</span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2024</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">47,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,633,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Balance – December 31, 2025</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,680,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 72%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b style="font-size: 12pt;"><span style="font-size: 10pt;">December 31, <br/> 2025</span></b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">December 31, <br/>2024</span></b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Stock Price</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">4.16</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1.29</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Conversion Price of conversion feature</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">8.64</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">8.64</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Term</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="background:#CCEEFF;padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1.5 years</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="background:#CCEEFF;padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">0.72 years</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Risk Free Interest Rate</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">3.48</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">4.16</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Credit Adjusted Discount Rate</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">12.03</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">12.43</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Volatility</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">113</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">111</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Dividend Rate</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">0</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">0</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The roll forward of the September 2021 Note derivative liability – contingent interest is as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2023</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">169,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">(75,000</span></div> </td> <td style="padding: 0in; white-space: nowrap; vertical-align: middle;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">) </span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2024</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">94,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">830,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Balance – December 31, 2025</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">924,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="width: 100%; border-spacing: 0px; border-collapse: collapse; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 72%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td></tr><tr style="white-space : nowrap; "> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in; text-align: center;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31, </b></div> <div style="margin: 0in;"><b>2025</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31, <br/>2024</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Stock Price</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.16</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1.29</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Conversion Price of conversion feature</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.43</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.43</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Term</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in; text-indent: 0.5in;">1.5 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in; text-indent: 0.5in;">0.97 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Risk Free Interest Rate</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">3.48</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.16</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Credit Adjusted Discount Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.03</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.43</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Volatility</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">113</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">102</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Dividend Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The roll forward of the December 2021 Note derivative liability – contingent interest is as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2023</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">404,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">(129,000</span></div> </td> <td style="padding: 0in; white-space: nowrap; text-align: left;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">)</span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2024</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">275,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,083,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Balance – December 31, 2025</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,358,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table> 0 0 0 0 0 0 0 0 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Level 3 assets and liabilities measured and recorded at fair value on a recurring basis at December 31, 2025 and 2024 were as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding:0in 0in 0in 0in" valign="bottom"> </td> <td style="padding:0in 0in 0in 0in" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">December 31, </span></b></div> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">2025</span></b></div> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding:0in 0in 0in 0in" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">December 31, </span></b></div> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">2024</span></b></div> </td> <td style="padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Derivative Liability – Contingent Interest April Note</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,680,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">47,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Derivative Liability – Contingent Interest September Note</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">924,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">94,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Derivative Liability – Contingent Interest December Note</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,358,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">275,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table> 1680000 47000 924000 94000 1358000 275000 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="width: 100%; border-spacing: 0px; border-collapse: collapse; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in;" valign="bottom"> </td> <td colspan="2" style="padding: 0in; border-bottom: 2px solid black; border-top-color: black; border-right-color: black; border-left-color: black; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31,</b></div> <div style="margin: 0in;"><b><span style="mso-spacerun:yes"> </span>2025</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31, <br/>2024</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Stock Price</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.16</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1.29</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Conversion Price of conversion feature</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.00</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.00</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Term</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;"><span style="mso-spacerun:yes"> </span>1.5 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0.29 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Risk Free Interest Rate</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">3.48</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.37</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Credit Adjusted Discount Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.03</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.43</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Volatility</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">113</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">152</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Dividend Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> </table> 4.16 1.29 5 5 P1Y6M P0Y3M14D 3.48 4.37 12.03 12.43 113 152 0 0 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The roll forward of the April 2021 Note derivative liability – contingent interest is as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2023</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">431,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">(384,000</span></div> </td> <td style="padding: 0in; white-space: nowrap; vertical-align: middle;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">)</span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2024</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">47,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,633,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Balance – December 31, 2025</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,680,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table> 431000 -384000 47000 1633000 1680000 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 72%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b style="font-size: 12pt;"><span style="font-size: 10pt;">December 31, <br/> 2025</span></b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: center;"><b><span style="font-size: 10pt;">December 31, <br/>2024</span></b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Stock Price</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">4.16</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1.29</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Conversion Price of conversion feature</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">8.64</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">8.64</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Term</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="background:#CCEEFF;padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1.5 years</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td colspan="2" style="background:#CCEEFF;padding:0in 0in 0in 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">0.72 years</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Risk Free Interest Rate</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">3.48</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">4.16</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> <tr style="mso-yfti-irow:5"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Credit Adjusted Discount Rate</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">12.03</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">12.43</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Volatility</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">113</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">111</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> <tr style="mso-yfti-irow:7;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Dividend Rate</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">0</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">0</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">%</span></div> </td> </tr> </table> 4.16 1.29 8.64 8.64 P1Y6M P0Y8M19D 3.48 4.16 12.03 12.43 113 111 0 0 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The roll forward of the September 2021 Note derivative liability – contingent interest is as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2023</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">169,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">(75,000</span></div> </td> <td style="padding: 0in; white-space: nowrap; vertical-align: middle;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">) </span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2024</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">94,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">830,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Balance – December 31, 2025</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">924,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table> 169000 -75000 94000 830000 924000 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="width: 100%; border-spacing: 0px; border-collapse: collapse; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 72%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 11%;"> </td><td style="width: 1%;"> </td></tr><tr style="white-space : nowrap; "> <td style="padding: 0in;" valign="bottom"> </td> <td style="padding: 0in; text-align: center;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31, </b></div> <div style="margin: 0in;"><b>2025</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> </td> <td colspan="2" style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap; text-align: center;" valign="bottom"> <div style="margin: 0in;"><b>December 31, <br/>2024</b></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Stock Price</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.16</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">1.29</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Conversion Price of conversion feature</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.43</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">$</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">5.43</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Term</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in; text-indent: 0.5in;">1.5 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td colspan="2" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in; text-indent: 0.5in;">0.97 years</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Risk Free Interest Rate</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">3.48</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">4.16</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Credit Adjusted Discount Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.03</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">12.43</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Volatility</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">113</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">102</div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; text-indent: -0.1in;">Dividend Rate</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap; text-align: right;" valign="bottom"> <div style="margin: 0in;">0</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in;">%</div> </td> </tr> </table> 4.16 1.29 5.43 5.43 P1Y6M P0Y11M19D 3.48 4.16 12.03 12.43 113 102 0 0 <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The roll forward of the December 2021 Note derivative liability – contingent interest is as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><table cellpadding="0" style="font-size: 10pt; width: 100%; border-spacing: 0px; border-collapse: collapse;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2023</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">404,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:1"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">(129,000</span></div> </td> <td style="padding: 0in; white-space: nowrap; text-align: left;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">)</span></div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 0.1in; font-size: 12pt; text-indent: -0.1in;"><span style="font-size: 10pt;">Balance – December 31, 2024</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">275,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> <tr style="mso-yfti-irow:3"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Fair Value Adjustment</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid rgb(0, 0, 0); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,083,000</span></div> </td> <td style="padding: 0in; white-space: nowrap;" valign="bottom"> </td> </tr> <tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes"> <td style="background: rgb(204, 238, 255); padding: 0in;" valign="top"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">Balance – December 31, 2025</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">$</span></div> </td> <td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 4px double rgb(0, 0, 0); background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt; text-align: right;"><span style="font-size: 10pt;">1,358,000</span></div> </td> <td style="background: rgb(204, 238, 255); padding: 0in; white-space: nowrap;" valign="bottom"> <div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"><span style="mso-spacerun:yes"> </span></span></div> </td> </tr> </table> 404000 -129000 275000 1083000 1358000 <div style="margin: 0in 0in 0in 27pt; font-size: 12pt; text-align: justify; text-indent: -27pt;"><span style="font-size: 10pt;">7.<span style="mso-tab-count:1">         </span><b>Stockholders’ Equity</b></span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">2020 At Market Issuance of Common Stock</span></i></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><b><i><span style="font-size: 10pt;">Series A 12% Convertible Preferred Stock — February 4, 2008 Private Placement</span></i></b></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><b><i><span style="font-size: 10pt;">Series C 6% Super Dividend Redeemable Convertible Preferred Stock</span></i></b></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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”).</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">The terms of the Series C are as follows:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Conversion Rights</span></i><span style="font-size: 10pt;">. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Dividends</span></i><span style="font-size: 10pt;">. 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</span>^{<span style="font-size: 10pt;"><span style="font-size: 7pt">®</span></span>}<span style="font-size: 10pt;"> (GM-CT-01), less chargebacks, returns, expenses attributable to product recalls, duties, customs, sales tax, freight, insurance, shipping expenses, allowances and other customary deductions.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Series C Post Conversion Dividend Right</span></i><span style="font-size: 10pt;">. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Liquidation Rights</span></i><span style="font-size: 10pt;">. 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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Redemption</span></i><span style="font-size: 10pt;">. 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:</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="text-decoration:underline"><span style="font-size: 10pt;">ROI Percentage</span></span></div><div style="margin: 0in; font-size: 12pt;"> </div><table cellpadding="0" style="width: 100%; border-collapse: collapse; border-spacing: 0px; font-size: 10pt;" width="100%"> <tr style="height: 0px; font-size: 0px;"><td style="width: 8%;"></td><td style="width: 92%;"></td></tr><tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in;">200%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in;">before the second anniversary of the date of issuance;</div> </td> </tr> <tr style="mso-yfti-irow:2"> <td style="padding: 0in;" valign="top"> <div style="margin: 0in;">250%</div> </td> <td style="padding: 0in;" valign="top"> <div style="margin: 0in;">on or after the second anniversary of the date of issuance, but before the third anniversary of the date of issuance;</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="bottom"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">300%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">on or after the third anniversary of the date of issuance, but before the fourth anniversary of the date of issuance;</div> </td> </tr> <tr style="mso-yfti-irow:4"> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">350%</div> </td> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">on or after the fourth anniversary of the date of issuance, but before the fifth anniversary of the date of issuance;</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="bottom"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">400%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">on or after the fifth anniversary of the date of issuance, but before the sixth anniversary of the date of issuance;</div> </td> </tr> <tr style="mso-yfti-irow:6"> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">450%</div> </td> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">on or after the sixth anniversary of the date of issuance, but before the seventh anniversary of the date of issuance;</div> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="bottom"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">500%</div> </td> <td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">on or after the seventh anniversary of the date of issuance, but before the eighth anniversary of the date of issuance; and</div> </td> </tr> <tr style="mso-yfti-irow:8;mso-yfti-lastrow:yes"> <td style="padding: 0in;" valign="bottom"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">550%</div> </td> <td style="padding: 0in;" valign="top"> <div style="margin: 0in 0in 0in 12pt; text-indent: -12pt;">on or after the eighth anniversary of the date of issuance, but before the ninth anniversary of the date of issuance.</div> </td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size: 10pt;"> </span></div><div style="margin: 0in; font-size: 12pt;"><i><span style="font-size: 10pt;">Voting Rights</span></i><span style="font-size: 10pt;">. The Series C shares have no voting rights.</span></div> 150000000 20000000 1742500 900000 2100000 1000 2508000 12748500 40000000 0.03 792537 3235000 0 0.12 0.12 6 1 9 12 0.12 6 1 P20D 18 P15D 25000 4167 532500 85409 0.06 1000 0.01 10000 212 10000 2120000 47000 2073000 500 7.2 13 10000 130000 6 1667 176 176 293340 293340 18 P15D 0.06 0.025 0.0125 100000 3 P10D 0.06 8334 5 40193 24 33756 20 10000 0.12 P30D 10000 3 P10D 2 2.50 3 3.50 4 4.50 5 5.50 7966000 0 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 8. </div> <div> <span style="font-weight: bold;">Warrants</span> </div> </div><div style="clear: both;">  </div><div> Warrant activity is summarized as follows: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Warrants</span> </td><td colspan="1" style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted average <br/> exercise price</span> </td><td colspan="1" style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" style="vertical-align: bottom; width: 9%;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%;"> </td> <td colspan="1" style="width: 1%;"> </td><td colspan="1" style="width: 1%;"> </td><td colspan="1" style="width: 9%;"> </td><td colspan="1" style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,256,493</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.22</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Issued </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">600,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.70</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(142,503</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Canceled/Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(118,050</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4.33</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">9,595,940</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4.21</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Issued </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">420,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.59</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(10</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Canceled/Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(5,843,786</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,172,144</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table><div> </div><div><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The weighted average expiration of the warrants outstanding as of December 31, 2025 is 1.6 years.</span></div><div> 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. </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; margin-left: auto; margin-right: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 51%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 12%;"> </td> <td style="width: 12%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Issued in Connection With</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"><br/></td><td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Number<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: block;"><br/></span>Outstanding</span></td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><br/></td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Exercise<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: block;"><br/></span>Price</span></td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td><td style="vertical-align : bottom; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;"> Exercisable Date</span> </td> <td style="vertical-align : bottom; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;"> Expiration Date</span> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> May 23, 2019 Rights Offering warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2,622,144</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">7.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div> May 23, 2019 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div> May 23, 2026 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> July 22, 2022 Warrants issued in connection with related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">330,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">5.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div> July 22, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div> July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> December 29, 2023 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div> December 29, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div> July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> March 29, 2024 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.59</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  March 29, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> June 28, 2024 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.39</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  June 28, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> September 30, 2024 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">4.13</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align : bottom; text-align : right; white-space : nowrap; "> <div>  September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> April 30, 2025 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">120,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  April 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> June 30, 2025 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">100,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.50</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  June 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> December 31, 2025 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6.08</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total Outstanding Warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,172,144</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> </table> <div> Warrant activity is summarized as follows: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; width: 1%;"> </td><td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Warrants</span> </td><td colspan="1" style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td colspan="1" style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 1%;"> </td><td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"> <span style="font-weight: bold;">Weighted average <br/> exercise price</span> </td><td colspan="1" style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" style="vertical-align: bottom; width: 9%;"> </td><td colspan="1" style="vertical-align: bottom; width: 1%;"> </td> <td colspan="1" style="width: 1%;"> </td><td colspan="1" style="width: 1%;"> </td><td colspan="1" style="width: 9%;"> </td><td colspan="1" style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding at December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">9,256,493</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.22</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Issued </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">600,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.70</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(142,503</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Canceled/Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(118,050</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4.33</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding at December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">9,595,940</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">4.21</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Issued </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">420,000</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">4.59</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">(10</td><td style="vertical-align: bottom; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%;">7.00</td><td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Canceled/Expired </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(5,843,786</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">3.00</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding at December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,172,144</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double black;">$</td><td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">5.93</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> </tr> </table> 9256493 4.22 600000 3.7 142503 3 118050 4.33 9595940 4.21 420000 4.59 10 7 5843786 3 4172144 5.93 P1Y7M6D <div> 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. </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; margin-left: auto; margin-right: 0px; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 51%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 12%;"> </td> <td style="width: 12%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Issued in Connection With</span> </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 1%;"><br/></td><td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-right: none; border-left: none; white-space: nowrap; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Number<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: block;"><br/></span>Outstanding</span></td><td style="vertical-align: bottom; text-align: center; border-width: initial; border-style: none; border-color: initial; white-space: nowrap; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"><br/></td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 9%;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Exercise<span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: block;"><br/></span>Price</span></td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td><td style="vertical-align : bottom; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;"> Exercisable Date</span> </td> <td style="vertical-align : bottom; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <span style="font-weight: bold;"> Expiration Date</span> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> May 23, 2019 Rights Offering warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2,622,144</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">7.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div> May 23, 2019 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div> May 23, 2026 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> July 22, 2022 Warrants issued in connection with related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">330,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">5.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div> July 22, 2022 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div> July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> December 29, 2023 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div> December 29, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div> July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> March 29, 2024 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.59</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  March 29, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> June 28, 2024 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.39</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  June 28, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> September 30, 2024 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">4.13</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align : bottom; text-align : right; white-space : nowrap; "> <div>  September 30, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> April 30, 2025 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">120,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.00</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  April 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> June 30, 2025 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">100,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">3.50</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  June 30, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -9pt; padding-left: 9pt;"> December 31, 2025 Warrants issued for draw on related party line of credit </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">200,000</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; vertical-align: bottom;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6.08</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; text-align: right;"> </td><td style="vertical-align: bottom; text-align: right;"> <div>  December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right;"> <div>  July 31, 2029 </div> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total Outstanding Warrants </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">4,172,144</td><td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom;"> </td><td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> </table> 2019-05-23 2622144 7 2019-05-23 2026-05-23 2022-07-22 330000 5 2022-07-22 2029-07-31 2023-12-29 200000 3 2023-12-29 2029-07-31 2024-03-29 200000 3.59 2024-03-29 2029-07-31 2024-06-28 200000 3.39 2024-06-28 2029-07-31 2024-09-30 200000 4.13 2024-09-30 2029-07-31 2025-04-30 120000 3 2025-04-30 2029-07-31 2025-06-30 100000 3.5 2025-06-30 2029-07-31 2025-12-31 200000 6.08 2024-12-31 2029-07-31 4172144 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 9. </div> <div> <span style="font-weight: bold;">Stock-Based Compensation</span> </div> </div><div style="clear: both;">  </div><div> <span style="font-weight: bold; font-style: italic;">Summary of Stock-Based Compensation Plans</span> </div><div>  </div><div> 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. </div><div>  </div><div> <span style="font-weight: bold; font-style: italic;">Stock-Based Compensation</span> </div><div>  </div><div> Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td> </td> <td> </td><td> </td> <td> </td> <td> </td> <td> </td><td> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-top: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-left: none; vertical-align: bottom; text-align: center;"><br/></td><td colspan="5" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Year Ended<br/>December 31,</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><br/></td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2025</span></td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><br/></td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2024</span></td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">732</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1,222</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">924</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">1,225</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total stock-based compensation expense </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">1,656</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">2,447</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div>  </div><div> The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">3.89</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected life of the options </div> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="vertical-align: bottom;"> </td><td colspan="1" style="vertical-align: bottom; text-align: right;"> <div> 5.6 years </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="vertical-align: bottom;"> </td><td colspan="1" style="vertical-align: bottom; text-align: right;"> <div> 5.7 years </div> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected volatility of the underlying stock </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">83.1</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">75.1</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected dividend rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> </table><div>  </div><div> 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. </div><div> The following table summarizes the stock option activity in the stock-based compensation plans: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 52%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Number of Shares</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Weighted Average <br/> Exercise <br/> Price</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <div>  <span style="font-weight: bold;">Weighted</span> </div> <span style="font-weight: bold;">Average Remaining Contractual <br/> Life <br/> (in years) </span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align : bottom; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <div>   <span style="font-weight: bold;">Aggregate</span> </div> <span style="font-weight: bold;">Intrinsic Value <br/> (in thousands) </span> </td> <td style="vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6,333,841</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2.66</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1,373,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1.86</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited/Cancelled </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">(348,750</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6.35</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(503,333</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">1.71</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6,854,758</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2.39</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1,211,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1.23</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited/Cancelled </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">(403,085</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1.76</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(1,090,164</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">2.05</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">6,572,509</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">2.27</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">5.58</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">13,031</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercisable, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6,237,508</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2.60</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">5.42</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">12,155</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> </table><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2025:</div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td colspan="9" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Options Outstanding</span> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="6" style="border-top: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-left: none; width: 1%; text-align: center;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Options Exercisable</span> </td> <td style="width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Exercise</span> </div> <div> <span style="font-weight: bold;">Price (Range)</span> </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: center; width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Number of<br/>Shares</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Weighted<br/>Average<br/>Remaining<br/>Contractual<br/>Life</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Weighted<br/>Average<br/>Exercise<br/>Price</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-width: initial; border-style: none; border-color: initial; text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Number of<br/>Shares</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Weighted<br/>Average<br/>Exercise<br/>Price</span> </div> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; padding-left: 10px;"> <div><br/></div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-width: initial; border-style: none; border-color: initial; text-align: center;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in years)</span> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; border-top: 2px solid rgb(0, 0, 0); border-right: none; border-bottom: none; border-left: none;"> </td><td style="width: 9%; padding-left: 10px; border-bottom: none; border-top: 2px solid rgb(0, 0, 0); border-left: none; border-right: none;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> $0.89 – 1.50 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,771,541</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">7.10</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">1.19</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,536,540</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">1.19</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> $1.51 – 2.50 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3,022,227</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">5.85</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">2.00</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">2,922,227</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">2.00</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> $2.51 – 5.00 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,558,741</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3.82</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3.47</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,558,741</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3.47</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> $5.01 – 6.71 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">220,000</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">2.10</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">5.92</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">220,000</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">5.92</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">6,572,509</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">5.58</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">2.39</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">6,138,254</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">2.45</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table><div> <span style="font-weight: bold; font-style: italic;">Restricted Stock Issuances</span> </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> <span style="font-weight: bold; font-style: italic;">Deferred Stock Units</span> </div><div>  </div><div> 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 (“<span style="text-decoration: underline;">DSUs</span>”) 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> There is no unrecognized compensation expense related to the DSUs. </div> 4000000 7000000 10000000 4135213 6733334 <div> Following is the stock-based compensation expense related to common stock options, restricted common stock, common stock warrants and deferred stock units: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="height: 0px; font-size: 0px;"> <td> </td> <td> </td> <td> </td> <td> </td><td> </td> <td> </td> <td> </td> <td> </td><td> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-top: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-left: none; vertical-align: bottom; text-align: center;"><br/></td><td colspan="5" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Year Ended<br/>December 31,</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><br/></td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2025</span></td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><br/></td><td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"><span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">2024</span></td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">732</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1,222</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">924</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">1,225</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total stock-based compensation expense </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">1,656</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">2,447</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 732000 1222000 924000 1225000 1656000 2447000 <div> The fair value of the options granted is determined using the Black-Scholes option-pricing model. The following weighted average assumptions were used: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> </td><td colspan="1" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Risk-free interest rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4.48</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">3.89</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected life of the options </div> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="vertical-align: bottom;"> </td><td colspan="1" style="vertical-align: bottom; text-align: right;"> <div> 5.6 years </div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="vertical-align: bottom;"> </td><td colspan="1" style="vertical-align: bottom; text-align: right;"> <div> 5.7 years </div> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected volatility of the underlying stock </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">83.1</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">75.1</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Expected dividend rate </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">0</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> </table> 0.0448 0.0389 P5Y7M6D P5Y8M12D 0.831 0.751 0 0 P5Y P10Y P5Y P6Y 0 <div> The following table summarizes the stock option activity in the stock-based compensation plans: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 52%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Number of Shares</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Weighted Average <br/> Exercise <br/> Price</span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <div>  <span style="font-weight: bold;">Weighted</span> </div> <span style="font-weight: bold;">Average Remaining Contractual <br/> Life <br/> (in years) </span> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="2" style="vertical-align : bottom; text-align : center; border-bottom : 2px solid black; border-top-color : black; border-right-color : black; border-left-color : black; white-space : nowrap; "> <div>   <span style="font-weight: bold;">Aggregate</span> </div> <span style="font-weight: bold;">Intrinsic Value <br/> (in thousands) </span> </td> <td style="vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, December 31, 2023 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6,333,841</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2.66</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1,373,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1.86</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited/Cancelled </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">(348,750</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6.35</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(503,333</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">1.71</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, December 31, 2024 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6,854,758</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2.39</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Granted </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1,211,000</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1.23</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Forfeited/Cancelled </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">(403,085</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">1.76</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercised </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(1,090,164</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">2.05</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Outstanding, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">6,572,509</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">2.27</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">5.58</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">13,031</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Exercisable, December 31, 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">6,237,508</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">2.60</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">5.42</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">12,155</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> </table> 6333841 2.66 1373000 1.86 348750 6.35 503333 1.71 6854758 2.39 1211000 1.23 403085 1.76 1090164 2.05 6572509 2.27 P5Y6M29D 13031000 6237508 2.6 P5Y5M1D 12155000 4.16 0.87 1.26 335001 716504 283000 P1Y 1255418 1966167 1273328 2772748 <div> The following table summarizes additional information regarding outstanding and exercisable options under our stock-based compensation plans at December 31, 2025:</div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td colspan="9" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; width: 9%;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Options Outstanding</span> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="6" style="border-top: none; border-right: none; border-bottom: 2px solid rgb(0, 0, 0); border-left: none; width: 1%; text-align: center;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Options Exercisable</span> </td> <td style="width: 1%;"> </td> </tr><tr style="vertical-align: top;"> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Exercise</span> </div> <div> <span style="font-weight: bold;">Price (Range)</span> </div> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: center; width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Number of<br/>Shares</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Weighted<br/>Average<br/>Remaining<br/>Contractual<br/>Life</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Weighted<br/>Average<br/>Exercise<br/>Price</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-width: initial; border-style: none; border-color: initial; text-align: center; vertical-align: bottom;"> <div> <span style="font-weight: bold;">Number of<br/>Shares</span> </div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> <div> <span style="font-weight: bold;">Weighted<br/>Average<br/>Exercise<br/>Price</span> </div> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="padding-left: 10px;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%; padding-left: 10px;"> <div><br/></div> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td colspan="2" style="width: 1%; border-width: initial; border-style: none; border-color: initial; text-align: center;"> <span style="font-weight: 700; letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in years)</span> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; border-top: 2px solid rgb(0, 0, 0); border-right: none; border-bottom: none; border-left: none;"> </td><td style="width: 9%; padding-left: 10px; border-bottom: none; border-top: 2px solid rgb(0, 0, 0); border-left: none; border-right: none;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td><td style="width: 9%; padding-left: 10px;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> $0.89 – 1.50 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,771,541</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">7.10</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">1.19</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,536,540</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 9%; padding-left: 10px;">1.19</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> $1.51 – 2.50 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3,022,227</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">5.85</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">2.00</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">2,922,227</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">2.00</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div> $2.51 – 5.00 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,558,741</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3.82</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3.47</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">1,558,741</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; padding-left: 10px;">3.47</td><td style="text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div> $5.01 – 6.71 </div> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">220,000</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">2.10</td><td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">5.92</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">220,000</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">5.92</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="padding-left: 10px;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">6,572,509</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">5.58</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">2.39</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">6,138,254</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> <td style="width: 1%;"> </td><td style="text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td><td style="text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none; padding-left: 10px;">2.45</td><td style="text-align: left; width: 1%; border-width: initial; border-style: none; border-color: initial;"> </td> </tr> </table> 0.89 1.5 1771541 P7Y1M6D 1.19 1536540 1.19 1.51 2.5 3022227 P5Y10M6D 2 2922227 2 2.51 5 1558741 P3Y9M25D 3.47 1558741 3.47 5.01 6.71 220000 P2Y1M6D 5.92 220000 5.92 6572509 P5Y6M29D 2.39 6138254 2.45 504000 620000 1 334000 1 32520 40000 408000 734000 1 1 23256 40000 0.20 0.80 0.25 0.50 0.25 0.50 367800 153288 300445 214512 0.25 183900 75529 156345 108371 0.20 0.80 0.50 0.50 0.50 137563 56420 88579 81144 0 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 10. </div> <div> <span style="font-weight: bold;">Convertible Line of Credit – Related Party and Supplemental Lines of Credit – Related Party</span> </div> </div><div style="clear: both;">  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div> 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.</div><div> </div><div> 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 <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">upon issuance.</span> </div><div><br/></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> 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. </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div> </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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.</span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt"> </span></div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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 <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">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.</span> </div><div>  </div><div> 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. </div><div>  </div><div> 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. </div><div> 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 <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">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.</span> </div><div><br/></div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div><div> </div><div> 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. </div><div>  </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div> 60000000 0.02 2027-06-30 3 1700000 0.001 500000 5 1200000 1.50 10 3 2029-07-31 500000 738000 P7Y 0.92 0.0319 0 154000 210000 10000000 0.0646 0.0446 0.02 0.071 2158000 1399000 3 200000 3 200000 160780 P7Y 0.91 0.0406 0 38000 52000 10000000 0.0641 0.0441 0.02 0.071 1922000 1184000 3 200000 3.26 200000 296680 P6Y3M29D 0.88 0.0394 0 77000 105000 10000000 0.0634 0.0434 0.02 0.071 1713000 995000 3 200000 3 200000 179920 P6Y29D 0.85 0.0359 0 51000 69000 10000000 0.0713 0.0513 0.02 0.075 1532000 737000 3 200000 3 200000 193745 P5Y8M12D 0.79 0.0449 0 69000 93000 10000000 0.0662 0.0462 0.02 0.071 1229000 508000 3 200000 3.59 200000 277389 P5Y3M29D 0.75 0.0419 0 111000 114000 10000000 0.0701 0.0501 0.02 0.074 1110000 336000 3 200000 3.39 200000 260000 P5Y10D 0.77 0.0429 0 121000 82000 10000000 0.02 2026-01-31 3 200000 0.001 1.50 10 3 2029-07-31 10000000 0.0648 0.0501 0.02 0.064 841000 154000 3 200000 4.13 200000 307780 P4Y9M29D 0.78 0.0358 0 170000 58000 6000000 0.02 2026-03-31 3 120000 0.001 1.50 10 3 2029-07-31 6000000 0.0613 0.0413 0.02 0.064 248000 3 120000 3 120000 80040 P4Y3M 0.84 0.0365 0 43000 5000000 0.02 2026-03-31 3 100000 0.001 1.50 10 3 2029-07-31 5000000 0.0593 0.0393 0.02 0.064 150000 3 100000 3 100000 132000 P4Y29D 0.86 0.0375 0 52000 10000000 0.02 2026-09-30 3 200000 0.001 1.50 10000000 0.056 0.036 0.02 0.059 4.05 200000 4.05 200000 454000 P3Y6M29D 0.92 0.0355 0 10000000 0.02 2027-06-30 4.38 200000 0.001 1.50 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 11. </div> <div> <span style="font-weight: bold;">Loss Per Share</span> </div> </div><div style="clear: both;">  </div><div> 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. </div><div>  </div><div> 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: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Year Ended<br/>December 31,</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">2025 <br/> (Shares)</span> </td><td colspan="1" style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">2024 <br/> (Shares)</span> </td><td colspan="1" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4,172,144</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">9,595,940</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">6,572,509</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">6,854,758</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares of common stock issuable upon conversion of convertible notes payable – related party </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,631,297</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,024,053</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares of common stock issuable upon conversion of convertible line of credit – related party </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">33,103,415</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">25,103,873</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Restricted stock vesting in January 2026 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">334,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">  — </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares of common stock issuable upon conversion preferred stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">495,007</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">499,174</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; font-weight: bold; width: 9%; text-align: right; border-bottom: 4px double black;">52,308,372</td><td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; font-weight: bold; width: 9%; text-align: right; border-bottom: 4px double black;">49,077,798</td><td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> <div> 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: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 76%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td></tr><tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="letter-spacing: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">Year Ended<br/>December 31,</span> </td><td style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">2025 <br/> (Shares)</span> </td><td colspan="1" style="border-width: initial; border-style: none; border-color: initial; vertical-align: bottom; text-align: center; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none; width: 1%;"> <span style="font-weight: bold;">2024 <br/> (Shares)</span> </td><td colspan="1" style="border-bottom: 1pt solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrants to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">4,172,144</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">9,595,940</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Options to purchase shares of common stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">6,572,509</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">6,854,758</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares of common stock issuable upon conversion of convertible notes payable – related party </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,631,297</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">7,024,053</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares of common stock issuable upon conversion of convertible line of credit – related party </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">33,103,415</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">25,103,873</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Restricted stock vesting in January 2026 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">334,000</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right;">  — </td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Shares of common stock issuable upon conversion preferred stock </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">495,007</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td><td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">499,174</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; font-weight: bold; width: 9%; text-align: right; border-bottom: 4px double black;">52,308,372</td><td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double black;"> </td><td style="vertical-align: bottom; font-weight: bold; width: 9%; text-align: right; border-bottom: 4px double black;">49,077,798</td><td style="vertical-align: bottom; font-weight: bold; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 4172144 9595940 6572509 6854758 7631297 7024053 33103415 25103873 334000 0 495007 499174 52308372 49077798 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 12. </div> <div> <span style="font-weight: bold;">Commitments and Contingencies</span> </div> </div><div style="clear: both;">  </div><div> <span style="font-weight: bold; font-style: italic;">Lease Commitments</span> </div><div>  </div><div> The Company has one operating lease for its office space which was amended effective March 1, 2022 for a term of 38 months with no residual value guarantees or material restrictive covenants. The amended lease provided for free rent for the first <span style="-sec-ix-hidden: hidden-fact-4">six and one-half months</span> of the lease and continues the security deposit of $6,000. In addition to base rental payments included in the contractual obligations table 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 <span style="-sec-ix-hidden: hidden-fact-5">other assets</span>. Also, at December 31, 2025, current lease liability of $22,000 is included in <span style="-sec-ix-hidden: hidden-fact-6">accrued expenses</span>. </div><div>  </div><div style="text-indent: 36pt;"> Maturity of operating lease as of December 31, 2025 in thousands: </div><table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; font-size: 0px; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">22</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">22</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Less imputed interest </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">   - </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Present value of lease liability </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">22</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div>  </div><div> The discount rate used in calculating the present value of the lease payments was 11%. </div><div> <span style="font-weight: bold; font-style: italic;">Legal Proceedings</span> </div><div>  </div><div> 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. </div><div>  </div><div> <span style="font-weight: bold; font-style: italic;">Clinical Trial and Research Contingencies</span> </div><div>  </div><div> 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. </div> 1 P38M 6000 P12M 58000 44000 22000 22000 <div style="text-indent: 36pt;"> Maturity of operating lease as of December 31, 2025 in thousands: </div><table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"><td style="width: 88%;"></td><td style="width: 1%;"></td><td style="width: 1%;"></td><td style="width: 9%;"></td><td style="width: 1%;"></td></tr><tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> 2025 </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; font-size: 0px; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">22</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">22</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Less imputed interest </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">   - </td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Present value of lease liability </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">22</td><td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 22000 22000 0 22000 0.11 P30D <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 13. </div> <div> <span style="font-weight: bold;">Galectin Sciences LLC</span> </div> </div><div style="clear: both;">  </div><div> 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&amp;D”) contributed by SBH. The estimated fair value of the IPR&amp;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&amp;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&amp;D of $200,000. </div> 400000 400000 0.50 400000 73000 3326000 57000 350000 711000 0.855 400000 200000 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 14. </div> <div> <span style="font-weight: bold;">Income Taxes</span> </div> </div><div style="clear: both;">  </div><div> The components of the net deferred tax assets are as follows at December 31: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">(in thousands)</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Operating loss carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align : bottom; width : 9%; text-align : right; white-space : nowrap; ">69,301</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align : bottom; width : 9%; text-align : right; white-space : nowrap; ">63,057</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax credit carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">9,016</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">9,010</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other temporary differences </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">17,349</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">18,276</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">95,666</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">90,343</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Less valuation allowance </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(95,666</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(90,343</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net deferred tax asset </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">  —  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">  —  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table><div>  </div><div> The primary factors affecting the Company’s income tax rates were as follows: </div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 52%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="14" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Year ended December 31,</span> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; text-align: center; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; text-align: center;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; text-align: center; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle; text-align: center;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Amount</span> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Percent</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Amount</span> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Percent</span> </div> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Tax benefit as U.S. statutory rates </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">(6,224</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(21.0</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">(9,778</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(21.0</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle;"> <div> State income tax benefit </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(663</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(2.2</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(1,181</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(2.5</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Permanent differences </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">145</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">0.5</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">74</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">0.1</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle;"> <div> Other </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(139</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(0.5</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(1,880</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(4.0</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Change in valuation allowance </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">6,881</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">23.2</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">12,765</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">27.4</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: right;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: right;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Total effective income tax rate </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> —  </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 2px solid transparent;"></td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">%</td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> —  </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 2px solid transparent;"></td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">%</td> </tr> </table><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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 <span style="-sec-ix-hidden: hidden-fact-7">2037</span>. In addition, the Company has federal and state research and development credits of $7,781,000 and $1,235,000, respectively, which expire through <span style="-sec-ix-hidden: hidden-fact-8">2042</span>. 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.</span></div><div style="margin: 0in; font-size: 12pt;"> </div><div style="margin: 0in; font-size: 10pt;">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. </div><div style="margin: 0in; font-size: 12pt;"> </div><div style="margin: 0in; font-size: 12pt;"><span style="font-size:10.0pt">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. </span></div> <div> The components of the net deferred tax assets are as follows at December 31: </div><div>  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">(in thousands)</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Operating loss carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align : bottom; width : 9%; text-align : right; white-space : nowrap; ">69,301</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align : bottom; width : 9%; text-align : right; white-space : nowrap; ">63,057</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Tax credit carryforwards </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">9,016</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">9,010</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other temporary differences </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">17,349</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">18,276</td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td style="font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">95,666</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right;">90,343</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Less valuation allowance </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(95,666</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 2px solid black;">(90,343</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net deferred tax asset </div> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">  —  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right; border-bottom: 4px double black;">  —  </td> <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 4px double transparent;"> </td> </tr> </table> 69301000 63057000 9016000 9010000 17349000 18276000 95666000 90343000 95666000 90343000 0 0 <div> The primary factors affecting the Company’s income tax rates were as follows: </div><div> </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 52%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td><td style="width: 1%;"> </td><td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="14" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Year ended December 31,</span> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; text-align: center; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td> <td style="border-top: 1pt solid rgb(0, 0, 0); vertical-align: middle; text-align: center;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="6" style="border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; text-align: center; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle; text-align: center;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Amount</span> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Percent</span> </div> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td colspan="2" style="vertical-align: middle; text-align: center;"> <span style="font-weight: bold;">Amount</span> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> </td><td style="vertical-align: middle;"> <div> <span style="font-weight: bold;">Percent</span> </div> </td> <td style="vertical-align: middle; text-align: center;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Tax benefit as U.S. statutory rates </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">(6,224</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(21.0</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%;">(9,778</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(21.0</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle;"> <div> State income tax benefit </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(663</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(2.2</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(1,181</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(2.5</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Permanent differences </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">145</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">0.5</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">74</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">0.1</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle;"> <div> Other </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(139</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(0.5</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">(1,880</td> <td style="vertical-align: middle; width: 1%; text-align: left;">) </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">(4.0</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">)%</td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Change in valuation allowance </div> </td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">6,881</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">23.2</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> <td style="vertical-align: middle; width: 1%;"> </td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 9%;">12,765</td> <td style="vertical-align: middle; width: 1%; text-align: left;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%;"></td><td style="vertical-align: middle; text-align: left; width: 1%;"> </td><td style="vertical-align: middle; text-align: right; width: 9%;">27.4</td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">%</td> </tr> <tr style="vertical-align: top; height: 1.0pt;"> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: right;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> <td style="vertical-align: middle; text-align: right;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td> <td style="vertical-align: middle;"> </td> </tr> <tr style="vertical-align: top; height: 1pt; background-color: rgb(204, 238, 255);"> <td style="vertical-align: middle;"> <div> Total effective income tax rate </div> </td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> —  </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 2px solid transparent;"></td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">%</td> <td style="vertical-align: middle; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;">$</td> <td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> —  </td> <td style="vertical-align: middle; width: 1%; text-align: left; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: middle; text-align: right; width: 1%; border-bottom: 2px solid transparent;"></td><td style="vertical-align: middle; text-align: left; width: 1%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> </td><td style="vertical-align: middle; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); border-top: none; border-left: none; border-right: none;"> — </td> <td style="vertical-align: top; height: 1pt; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left; border-bottom: 2px solid transparent;">%</td> </tr> </table> -6224000 0.21 -9778000 0.21 -663000 0.022 -1181000 0.025 145000 -0.005 74000 -0.001 -139000 0.005 -1880000 0.04 6881000 -0.232 12765000 -0.274 0 0 0 0 163412000 169710000 113541000 102003000 7781000 1235000 1 <div style="text-indent: -27pt; text-align: justify; padding-left: 27pt;"> <div style="float: left; width: 27.0pt; white-space: nowrap;"> 15. </div> <div> <span style="font-weight: bold;">Segments</span> </div> </div><div style="clear: both; font-size: 9pt;">  </div><div> 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. </div><div>  </div><div style="text-align: justify;"> The accounting policies of the fibrotic disease therapeutics segment are the same as those described in the summary of significant accounting policies. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> 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. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> 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. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> 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. </div><div style="text-align: justify;">  </div><div style="text-align: justify;"> The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands). </div><div style="text-align: justify; font-size: 9pt;">  </div><table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Year Ended December 31,</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold; text-decoration: underline;">(in thousands)</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Operating expenses: </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">14,290</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">36,571</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">5,795</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">5,862</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">20,085</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">42,433</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total operating loss </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(20,085</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(42,433</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other income (expense): </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Interest income </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">126</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">338</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Interest expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(7,329</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(5,540</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Change in fair value of derivatives </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(3,548</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">588</td> <td style="vertical-align: bottom; font-size: 0px; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total other expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(10,751</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> (4,614)</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net loss </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(30,836</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(47,047</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Preferred stock dividends </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(138</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(153</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrant modification </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">   —  </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"></td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">   — </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;"></td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net loss applicable to common stockholders </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(30,974</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(47,200</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> </table><div style="font-size: 9pt;">   </div><div> Other segment items included in segment loss includes interest income and interest expense. </div><div style="text-align: justify; font-size: 9pt;">  </div><div style="text-align: justify;"> 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. </div><div style="text-align: justify; font-size: 9pt;">  </div><div style="text-align: justify;"> 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). </div><div style="text-align: justify;">  </div><table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="7" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31,</span> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="3" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td colspan="3" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cash and cash equivalents </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">17,720</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">15,120</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> </table> 1 1 <div style="text-align: justify;"> The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands). </div><div style="text-align: justify; font-size: 9pt;">  </div><table cellpadding="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td> <td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">Year Ended December 31,</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span></td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="6" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold; text-decoration: underline;">(in thousands)</span> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Operating expenses: </div> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td colspan="2" style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Research and development </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">14,290</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%;">36,571</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> General and administrative </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">5,795</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">5,862</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total operating expenses </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">20,085</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">42,433</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total operating loss </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(20,085</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(42,433</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Other income (expense): </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; width: 9%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Interest income </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">126</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">338</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Interest expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(7,329</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">) </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%;">(5,540</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%;">) </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Change in fair value of derivatives </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(3,548</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">588</td> <td style="vertical-align: bottom; font-size: 0px; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Total other expense </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(10,751</td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="text-align: right; width: 9%; border-bottom: 2px solid black;"> (4,614)</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net loss </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(30,836</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(47,047</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Preferred stock dividends </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(138</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">(153</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;">) </td> </tr> <tr style="vertical-align: top;"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Warrant modification </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"> </td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">   —  </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 2px solid transparent;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; border-bottom: 2px solid black;"></td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid black;">   — </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 2px solid transparent;"></td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Net loss applicable to common stockholders </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(30,974</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> <td style="vertical-align: bottom; width: 1%; border-bottom: 4px double transparent;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double black;">$</td> <td style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double black;">(47,200</td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; text-align: left; width: 1%; border-bottom: 4px double transparent;">) </td> </tr> </table>The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024 (in thousands).<table cellpadding="0" style="border-collapse: collapse; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; border-spacing: 0px;"> <tr style="height: 0px; font-size: 0px;"> <td style="width: 76%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%;"> </td><td style="width: 1%;"> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="7" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">December 31,</span> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="3" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2025</span> </td> <td style="vertical-align: bottom;"> </td> <td colspan="3" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: center; border-top: none; border-left: none; border-right: none;"> <span style="font-weight: bold;">2024</span> </td> </tr> <tr style="vertical-align: top;"> <td style="vertical-align: bottom; font-size: 0px;"> </td> <td style="vertical-align: bottom;"> </td> <td colspan="7" style="vertical-align: bottom; text-align: center;"> <span style="font-weight: bold;">(in thousands)</span> </td> </tr> <tr style="vertical-align: top; background-color: rgb(204, 238, 255);"> <td> <div style="text-indent: -7.2pt; padding-left: 7.2pt;"> Cash and cash equivalents </div> </td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">17,720</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%;"> </td> <td style="vertical-align: top; border-spacing: 0px; border-collapse: collapse; width: 1%; text-align: left;">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right;">15,120</td><td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> </tr> </table> 14290000 36571000 5795000 5862000 20085000 42433000 -20085000 -42433000 126000 338000 7329000 5540000 -3548000 588000 -10751000 -4614000 -30836000 -47047000 138000 153000 0 0 -30974000 -47200000 -23900000 -41800000 17720000 15120000 http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent P6M15D http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent 2037 2042 0001133416 false FY