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10-Q true 2025-12-31 false 001-40388 ANEBULO PHARMACEUTICALS, INC. DE 85-1170950 1017 Ranch Road 620 South Suite 107 Lakeway TX 78734 (512) 598-0931 Common Stock ANEB NASDAQ Yes Yes Non-accelerated Filer true true false false 40784731 0.001

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Note 1. Nature of business and basis of presentation Organization Anebulo Pharmaceuticals, Inc. (the “Company”) was founded on April 23, 2020, as a Delaware corporation. The Company is a clinical stage pharmaceutical company focused on developing treatments for cannabis-induced toxicity, such as acute cannabis-induced toxicity in children, acute cannabinoid intoxication (“ACI”) in adults, and the broader landscape of acute cannabis-induced conditions. The Company’s principal operations are located in Lakeway, Texas. Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company is still in the development phase and has not marketed any developed products to date. Since inception, the Company has incurred losses, including a net loss of approximately $4.2 million for the six-month period ended December 31, 2025. As of December 31, 2025, the Company had an accumulated deficit of $78.0 million. The Company expects to continue to generate operating losses. In December 2024, the Company entered into a securities purchase agreement which resulted in net proceeds of approximately $14.9 million. Refer to Note 7 for further discussion. The Company expects that its cash and cash equivalents, along with available funding under the Loan Agreement (see Note 10), will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the financial statements. Until such time, if ever, as the Company can generate substantial product revenue from sales of any current or future product candidates, the Company expects to seek additional funding in order to reach its development and commercialization objectives through various potential sources, such as equity and debt financings or through collaboration, license and development agreements. The Company may not be able to obtain funding or enter into collaboration, license or development agreements on acceptable terms, or at all. The terms of any funding may be dilutive to or adversely affect the rights of the Company’s stockholders. If the Company is unable to obtain funding on satisfactory terms, or at all, the Company could be forced to delay, scale back or eliminate the development of its current or future product candidates or other business. Risks and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, ability to establish strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development and regulatory efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying condensed financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited interim condensed financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended June 30, 2025 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 filed with the SEC on September 29, 2025 (the “2025 Form 10-K”). In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the condensed financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

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Note 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements as of and for the year ended June 30, 2025, and notes thereto, which are included in the Company’s 2025 Form 10-K. Since the date of those financial statements, there have been no material changes to significant accounting policies. Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on the financial statements. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosures required for income taxes in the Company’s annual financial statements. ASU 2023-09 is effective for the Company in its annual reporting for fiscal 2026 on a prospective basis. Early adoption and retrospective reporting are permitted. While the Company is still evaluating the impact of ASU 2023-09 on its financial statements, the impact is not expected to be material as the resulting changes from this standard are expected to be disclosure-only. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses.” The new standard requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The guidance applies prospectively with the option to apply the standard retrospectively. ASU No. 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU. In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.” This new standard establishes the accounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant related to income. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this ASU.

Recent accounting pronouncements The Company considers the applicability and impact of all ASUs. ASUs not discussed below were assessed and determined to be either not applicable or expected to have minimal impact on the financial statements. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosures required for income taxes in the Company’s annual financial statements. ASU 2023-09 is effective for the Company in its annual reporting for fiscal 2026 on a prospective basis. Early adoption and retrospective reporting are permitted. While the Company is still evaluating the impact of ASU 2023-09 on its financial statements, the impact is not expected to be material as the resulting changes from this standard are expected to be disclosure-only. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses.” The new standard requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The guidance applies prospectively with the option to apply the standard retrospectively. ASU No. 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU. In December 2025, the FASB issued ASU 2025-10, “Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities.” This new standard establishes the accounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant related to income. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this ASU.

Note 3. Prepaid Expenses <p id="xdx_894_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zJC6F6HUNrlh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Prepaid expenses consisted of the following: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zbAnyW37C0Og" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250630_zMHAjhomft4c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidInsurance_iI_maPEAOAz9V1_zfc7CJ5rLpPa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">60,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">40,230</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrepaidResearchAndDevelopment_iI_maPEAOAz9V1_zkCHyAkPQDR5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,713</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186,207</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPEAOAz9V1_zPz9T1kjGYTk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,002</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PrepaidExpenseCurrent_iTI_mtPEAOAz9V1_zIhxdMoFRKm5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total prepaid expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">175,413</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">261,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_894_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zJC6F6HUNrlh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Prepaid expenses consisted of the following: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zbAnyW37C0Og" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250630_zMHAjhomft4c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--PrepaidInsurance_iI_maPEAOAz9V1_zfc7CJ5rLpPa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Prepaid insurance</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">60,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">40,230</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--PrepaidResearchAndDevelopment_iI_maPEAOAz9V1_zkCHyAkPQDR5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,713</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">186,207</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPEAOAz9V1_zPz9T1kjGYTk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Prepaid other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">35,002</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PrepaidExpenseCurrent_iTI_mtPEAOAz9V1_zIhxdMoFRKm5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total prepaid expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">175,413</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">261,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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175413

261439

Note 4. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_z5CUdtc3WuM8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250630_zlTISmy8Innl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--AccruedResearchAndDevelopmentCurrent_iI_pp0p0_maALCzxXs_zFafbnGRNcX5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued payroll related expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">407,848</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">63,075</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedPayrollTaxesCurrent_iI_pp0p0_maALCzxXs_zvKGQzYWN3Ij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,531</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALCzxXs_zCrzfRWr5Qy9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued professional fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">148,678</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">176,907</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pp0p0_mtALCzxXs_zoZjBsHug9Bj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">930,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">263,513</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_z5CUdtc3WuM8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250630_zlTISmy8Innl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_ecustom--AccruedResearchAndDevelopmentCurrent_iI_pp0p0_maALCzxXs_zFafbnGRNcX5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued payroll related expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">407,848</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">63,075</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedPayrollTaxesCurrent_iI_pp0p0_maALCzxXs_zvKGQzYWN3Ij" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374,258</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,531</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALCzxXs_zCrzfRWr5Qy9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Accrued professional fees</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">148,678</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">176,907</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedLiabilitiesCurrent_iTI_pp0p0_mtALCzxXs_zoZjBsHug9Bj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">930,784</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">263,513</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

407848 63075

374258

23531

148678

176907

930784

263513

Note 5. Other Assets Other assets include loan commitment fees. Initial loan commitment fees of approximately $0.7 million were being amortized over three years, the initial term of the loan. In connection with the refinancing (see Note 10), unamortized loan commitment fees of approximately $0.2 million were written off in proportion with the decrease in borrowing capacity. This amount was recognized as incremental interest expense in the Company’s Statements of Operations for the year ended June 30, 2025. The remaining unamortized loan commitment fees are being amortized over three years, the term of the Loan Agreement. The balance was $0.1 million as of December 31, 2025 and $0.2 million as of June 30, 2025. For the three months ended December 31, 2025 and 2024, the Company recorded interest expense of $17 thousand and $0.1 million related to the amortization of the loan commitment fees, respectively. For the six months ended December 31, 2025 and 2024, the Company recorded interest expense of $35 thousand and $0.1 million related to the amortization of the loan commitment fees, respectively.

700000

200000

100000

200000

17000

100000

35000

100000

Note 6. License Agreement In May 2020, the Company licensed certain intellectual property, know-how and clinical trial data from Vernalis Development Limited (“Vernalis”) pursuant to the License Agreement. The initial consideration in exchange for the license was $150,000 and was recorded as research and development expense in the statement of operations for the period from April 23, 2020 (inception) to June 30, 2020. The license term shall continue unless and until terminated for cause or insolvency, upon sixty days written notice from the Company, or until such time as all royalties and other sums cease to be payable in accordance with the terms of the License Agreement. The Company is required to pay development milestone payments related to clinical trials and granting of marketing authorization ranging from $<span id="xdx_901_eus-gaap--MarketingAndAdvertisingExpense_pn5n6_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MinimumMember_z2Qqe7NaWzq9" title="Marketing authorization amount">0.4 million to $<span id="xdx_90C_eus-gaap--MarketingAndAdvertisingExpense_pn5n6_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MaximumMember_zMB0SKHVXgwj" title="Marketing authorization amount">3.0 million, up to a total development milestone payment of $<span id="xdx_901_eus-gaap--CostsIncurredDevelopmentCosts_pn5n6_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MaximumMember_zmSplIyvG8a" title="Development milestone payment">29.9 million, and sales milestone payments of $<span id="xdx_908_eus-gaap--SellingExpense_pn5n6_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MinimumMember_zfK7Gh5FMjlk" title="Sales milestone payments">10.0 million and $<span id="xdx_907_eus-gaap--SellingExpense_pn5n6_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MaximumMember_zrlFVL5xP1s8" title="Sales milestone payments">25.0 million, in the first year when cumulative annual net sales of licensed product exceeds $<span id="xdx_90F_eus-gaap--ProceedsFromCustomers_pn5n6_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MinimumMember_zewfI1priCy8" title="Cumulative annual net sales amount">500.0 million and $<span id="xdx_90C_eus-gaap--ProceedsFromCustomers_pn8n9_c20200501__20200531__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember__srt--RangeAxis__srt--MaximumMember_zIBscMTBGhqa" title="Cumulative annual net sales amount">1.0 billion, respectively. The Company is also required to pay annual single-digit royalties on net product sales over the term of the License Agreement. As part of the initial public offering (“IPO”) in May 2021, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20210501__20210531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember_zMkHB0HyKshc" title="Number of shares of common stock">192,857 shares of the Company’s common stock $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20210531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember_z8y6g53dwTB2" title="Common stock, par value">0.001 par value per share (the “common stock”) to Vernalis in lieu of future milestone payments by the Company of approximately $<span id="xdx_903_ecustom--FutureMilestonePayments_pn5n6_c20210501__20210531__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__dei--LegalEntityAxis__custom--VernalisDevelopmentLimitedMember_zfZNN6PS6T4a" title="Future milestone payments">1.4 million, whether or not the Company achieves those milestones. The Company has determined that no further milestone payments are considered probable as of December 31, 2025, and therefore no liability has been recorded.

150000

400000

3000000.0

29900000

10000000.0

25000000.0

500000000.0

1000000000.0

192857

0.001

1400000

Note 7. Stockholders’ Equity On April 4, 2025, the Company’s stockholders approved an amendment to the Certificate of Incorporation to increase the number of authorized shares of common stock from 50,000,000 shares to 75,000,000 shares. On September 28, 2022, the Company completed a private placement financing of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220928__20220928__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zHjZILpoIEN4" title="Stock issued during period, shares, new issues">2,264,650 units (collectively, the “Units”), with each Unit consisting of (i) one share of its common stock and (ii) a warrant to purchase one share of its common stock, for aggregate gross proceeds of approximately $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfWarrants_pn5n6_c20220928__20220928__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zo8IDe8gHd1c" title="Stock issued during period, value, new issues">6.6 million (or $2.935 per Unit). The Company received approximately $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20220928__20220928__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zwMCu3gotE13" title="Proceeds from issuance or sale of equity">6.3 million in net proceeds after deducting financing fees of approximately $0.3 million. Each warrant has an exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220928__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z70Y9peq2kQl" title="Warrant exercise price per share">4.215 per share, which is subject to customary adjustments in the event of any combination or split of the Company’s common stock. The warrants expire on September 28, 2027. On November 13, 2023, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20231113__20231113__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--LoanAndSercurityAgreementMember_zWBk3hrMJD68" title="Issuance of common stock">300,000 shares of common stock in conjunction with a Loan and Security Agreement – see Note 10. On December 22, 2024, the Company entered into a securities purchase agreement with 22NW Fund, LP (“22NW Fund”), a greater than 5% stockholder of the Company that is controlled by Aron English, a director of the Company, as well as other institutional accredited investors (the “Investors”), pursuant to which, on December 23, 2024, the Company issued and sold to the Investors, in a private placement priced at-the-market (the “Private Placement”) consistent with the rules of the Nasdaq Stock Market LLC (“Nasdaq”), an aggregate of 15,151,514 shares (the “Shares”) of common stock. The purchase price of each Share was $0.99, equal to the Nasdaq Minimum Price, as defined in Nasdaq Listing Rule 5635(d). The Company received aggregate gross proceeds from the Private Placement of approximately $15.0 million, before deducting offering expenses of approximately $0.1 million.

50000000

75000000

2264650

6600000

2.935

6300000

300000

4.215

300000

15151514

0.99

15000000.0

100000

Note 8. Stock-Based Compensation In June 2020, the Company’s Board of Directors (the “Board of Directors”) adopted the 2020 Stock Incentive Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the purchase of up to <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20200601__20200630__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member__srt--RangeAxis__srt--MaximumMember_zwCxU4dy6X3c" title="Number of stock option granted">1,650,000 shares of the Company’s common stock. On October 22, 2021, the Company’s stockholders approved an increase of the total number of shares available for awards under the 2020 Stock Incentive Plan to <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20211022__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zQq7SuJph707" title="Number of shares available for grant">3,650,000 shares. On April 4, 2025, the Company’s stockholders approved another increase of the total number of shares available for awards under the 2020 Stock Incentive Plan to <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20250404__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zmh2khsuYKt5" title="Number of shares available for grant">6,150,000 shares. <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20250404__20250404__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zG2VNxMnMbe4" title="Share-based compensation, terms of award">Other awards include restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the 2020 Stock Incentive Plan). The awards expire in five to ten years from the date of grant. As of December 31, 2025, the Company had <span id="xdx_90C_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20251231__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zce7jnSU70Ab" title="Common stock, capital shares reserved for future issuance">1,925,245 shares available for future issuance under the 2020 Stock Incentive Plan. The Company grants non-qualified stock option awards under the 2020 Stock Incentive Plan to the members of its Board of Directors, employees and consultants of the Company. These awards are subject to the satisfaction of certain performance targets and vesting requirements pursuant to the award. The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as assumptions the Company makes for the volatility of its common stock, the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and the Company’s expected dividend yield. Each of these inputs is subjective and generally requires significant judgement to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. <p id="xdx_899_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zjc83bt50ySe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">There were <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLUJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20251001__20251231_zBI8HNHQVIpa" title="Options granted shares"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLUJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20250701__20251231_z1wRi2LKS3Ac" title="Options granted shares">no options granted during the three or six months ended December 31, 2025. The Company granted 254,433 options during the six months ended December 31, 2024. The following table summarizes stock option activity for the six months ended December 31, 2025: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Outstanding at June 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250701__20251231_zG7t7nanZ8d7" style="width: 10%; text-align: right" title="Number of shares, outstanding, beginning balance">3,218,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20250701__20251231_zuLVfKoQ7n36" style="width: 10%; text-align: right" title="Weighted average exercise price, outstanding, beginning balance">2.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240701__20250630_zOJWwHS2YBfe" title="Weighted average remaining contractual term (years)">6.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250701__20251231_z1sqgKcxowdj" title="Aggregate intrinsic value, outstanding, beginning balance">- </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250701__20251231_zZKswOsRjWmh" style="text-align: right" title="Number of shares, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250701__20251231_zvbLn29zyBk6" style="text-align: right" title="Weighted average exercise price, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20250701__20251231_zJ4VMnDCdwR1" style="text-align: right" title="Number of shares, exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250701__20251231_zKlPzTdW5gFd" style="text-align: right" title="Weighted average exercise price, exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited/cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20250701__20251231_z0QkVCByFfsk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20250701__20251231_zf28KhrkRFd7" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250701__20251231_zjNQJYKUNYbg" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, outstanding, ending balance">3,218,255</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250701__20251231_zIfUOvCSLDah" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, outstanding, ending balance">2.49</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250701__20251231_zz7U36T7keHk" title="Weighted average remaining contractual term (years)">5.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250701__20251231_zKJQNZTW3Cb3" title="Aggregate intrinsic value, outstanding, ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Options exercisable at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20251231_ztY9bMxjASBe" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, exercisable">2,024,949</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20251231_zfsc3SvLBRM" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable">2.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250701__20251231_znRVg2knGwa3" title="Weighted average remaining contractual term (years)">4.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As of December 31, 2025, unrecognized stock-based compensation expense related to unvested stock options totaled approximately $1.3 million, which is expected to be recognized over a weighted average period of <span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250701__20251231_zM4nynoZOqY8" title="weighted average period for recognition">1.8 years. The Company recorded stock-based compensation expense of approximately $0.2 million and $0.4 million for the three and six months ended December 31, 2025, respectively, all of which is included in general and administrative expenses. The Company recorded stock-based compensation expense of approximately $0.6 million and $0.9 million for the three and six months ended December 31, 2024, respectively, all of which is included in general and administrative expenses.

1650000

3650000

6150000

Other awards include restricted stock, restricted stock units, stock appreciation rights and other stock-based awards. Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the 2020 Stock Incentive Plan). The awards expire in five to ten years from the date of grant.

1925245

<p id="xdx_899_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zjc83bt50ySe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">There were <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLUJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20251001__20251231_zBI8HNHQVIpa" title="Options granted shares"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFN0b2NrLUJhc2VkIENvbXBlbnNhdGlvbiAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_do_c20250701__20251231_z1wRi2LKS3Ac" title="Options granted shares">no options granted during the three or six months ended December 31, 2025. The Company granted 254,433 options during the six months ended December 31, 2024. The following table summarizes stock option activity for the six months ended December 31, 2025: Schedule of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Shares</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Remaining Contractual Term (Years)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Outstanding at June 30, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250701__20251231_zG7t7nanZ8d7" style="width: 10%; text-align: right" title="Number of shares, outstanding, beginning balance">3,218,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20250701__20251231_zuLVfKoQ7n36" style="width: 10%; text-align: right" title="Weighted average exercise price, outstanding, beginning balance">2.49</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240701__20250630_zOJWwHS2YBfe" title="Weighted average remaining contractual term (years)">6.3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_c20250701__20251231_z1sqgKcxowdj" title="Aggregate intrinsic value, outstanding, beginning balance">- </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250701__20251231_zZKswOsRjWmh" style="text-align: right" title="Number of shares, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250701__20251231_zvbLn29zyBk6" style="text-align: right" title="Weighted average exercise price, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20250701__20251231_zJ4VMnDCdwR1" style="text-align: right" title="Number of shares, exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250701__20251231_zKlPzTdW5gFd" style="text-align: right" title="Weighted average exercise price, exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited/cancelled</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20250701__20251231_z0QkVCByFfsk" style="border-bottom: Black 1pt solid; text-align: right" title="Number of shares, forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20250701__20251231_zf28KhrkRFd7" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, forfeited">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250701__20251231_zjNQJYKUNYbg" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, outstanding, ending balance">3,218,255</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250701__20251231_zIfUOvCSLDah" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, outstanding, ending balance">2.49</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250701__20251231_zz7U36T7keHk" title="Weighted average remaining contractual term (years)">5.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20250701__20251231_zKJQNZTW3Cb3" title="Aggregate intrinsic value, outstanding, ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Options exercisable at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20251231_ztY9bMxjASBe" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of shares, exercisable">2,024,949</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20251231_zfsc3SvLBRM" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable">2.72</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250701__20251231_znRVg2knGwa3" title="Weighted average remaining contractual term (years)">4.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td style="padding-bottom: 2.5pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

254433

3218255

2.49

P6Y3M18D

3218255

2.49

P5Y9M18D

2024949

2.72

P4Y9M18D

1300000

P1Y9M18D

200000

400000

600000

900000

Note 9. Net Loss Per Share Attributable to Common Stockholders <p id="xdx_897_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z1HwF23ug9I8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-right: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">W</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_490_20250701__20251231_zxixRUwssZVl" style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_49F_20240701__20241231_zSvthQsPFppi" style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zzc027a67DHb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,218,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2,573,481</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zgrJR7eTuicd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zVEhT9ZiRrz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,482,905</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,838,131</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_897_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z1HwF23ug9I8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-right: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">W</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_490_20250701__20251231_zxixRUwssZVl" style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_49F_20240701__20241231_zSvthQsPFppi" style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zzc027a67DHb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,218,255</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">2,573,481</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zgrJR7eTuicd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Warrants outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,264,650</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zVEhT9ZiRrz3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,482,905</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,838,131</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3218255

2573481

2264650

5482905

4838131

Note 10. Loan Agreement (formerly the “Loan and Security Agreement”) On November 13, 2023, the <span id="xdx_905_eus-gaap--LineOfCreditFacilityBorrowingCapacityDescription_c20231113__20231113__us-gaap--TypeOfArrangementAxis__custom--LoanAndSercurityAgreementMember_zayq62e3P3ba" title="Line of credit borrowings capacity, descripition">Company entered into a Loan and Security Agreement (“LSA”) with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which allowed the Company to draw up to $<span id="xdx_903_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_c20231113__us-gaap--TypeOfArrangementAxis__custom--LoanAndSercurityAgreementMember_zsR3fS7SgZAe" title="Line of credit maximum borrowings capacity">10 million (the “Facility Amount”) as needed to fund future operations until the third anniversary of the LSA (the “Maturity Date”). Pursuant to the LSA, if the Company elected to draw on the Facility Amount (an “Advance”), JFL had the right, but not the obligation to fund 50% of the Advance at the request of the Company. If JFL elected not to fund 50% of the Advance, then 22NW would fund 100% of the Advance. The outstanding balance would accrue interest at <span id="xdx_908_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20231113__20231113__us-gaap--TypeOfArrangementAxis__custom--LoanAndSercurityAgreementMember_z3ZGuogde1A5" title="Line of credit interest rate">0.25% per annum and no fee would be assessed on the unused balance. Upon the draw of at least $<span id="xdx_908_ecustom--LineOfCreditFacilityAmountToBeDrawnToCollateralize_iI_pn6n6_c20231113__us-gaap--TypeOfArrangementAxis__custom--LoanAndSercurityAgreementMember_znqq0zz3g40i" title="Line of credit maximum borrowings capacity">3 million in the aggregate, the LSA was to be collateralized by substantially all of the Company’s assets. All principal drawn and interest accrued under the LSA would be due and payable on the Maturity Date. The Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20231113__20231113__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--LoanAndSercurityAgreementMember_zC8552gXB3z6" title="Stock during the period, shares">300,000 shares of common stock to 22NW Fund, LP upon the signing of the LSA. On February 10, 2025, the Company modified the LSA, pursuant to an Amended and Restated Loan Agreement (the LSA, as amended and restated, the “Loan Agreement”), which, among other things, reduced the maximum loan advance to $3 million, removed all securitization provisions and provides that all of 22NW’s right, title, and interest in and to the LSA and the Loan Agreement and all rights, remedies and obligations of 22NW’s pursuant to the LSA and the Loan Agreement are assigned to 22NW Fund, LP (“22NW Fund”). At the time of this modification, there was no balance outstanding under the LSA. The outstanding balance will accrue interest at <span id="xdx_902_eus-gaap--LineOfCreditFacilityInterestRateDuringPeriod_pid_dp_uPure_c20250210__20250210__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember_zKEJEcWQqHR7" title="Line of credit interest rate">0.25% per annum and no fee will be assessed on the unused balance. The Loan Agreement will terminate and all outstanding principal drawn and interest accrued owed thereunder shall be due and payable on February 10, 2028. In addition, the Loan Agreement requires that the Company issue 0.03 shares of common stock per dollar loaned under the Loan Agreement, up to a maximum of <span id="xdx_908_eus-gaap--SharesIssued_iI_c20250210__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__srt--RangeAxis__srt--MaximumMember_zAb3VAoTEiGj" title="Shares issued">90,000 shares, with a minimum of <span id="xdx_904_eus-gaap--SharesIssued_iI_c20250210__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__us-gaap--AwardTypeAxis__custom--FirstAdvanceMember__srt--RangeAxis__srt--MinimumMember_zQldUVyydnm7" title="Shares issued">50,000 shares being issued in connection with the first advance made pursuant to the Loan Agreement. There was no balance outstanding under the Loan Agreement as of December 31, 2025 or June 30, 2025. Joseph F. Lawler, M.D., Ph.D., the Company’s founder and a member of its Board of Directors, is the founder and Managing Member of JFL. Aron R. English, the President and Portfolio Manager of 22NW, and Nathaniel Calloway, the lead for 22NW, LP’s biotechnology, pharmaceutical and other healthcare investments, are each members of the Company’s Board of Directors.

Company entered into a Loan and Security Agreement (“LSA”) with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which allowed the Company to draw up to $10 million (the “Facility Amount”) as needed to fund future operations until the third anniversary of the LSA (the “Maturity Date”). Pursuant to the LSA, if the Company elected to draw on the Facility Amount (an “Advance”), JFL had the right, but not the obligation to fund 50% of the Advance at the request of the Company. If JFL elected not to fund 50% of the Advance, then 22NW would fund 100% of the Advance. The outstanding balance would accrue interest at 0.25% per annum and no fee would be assessed on the unused balance. Upon the draw of at least $3 million in the aggregate, the LSA was to be collateralized by substantially all of the Company’s assets.

10000000

0.0025

3000000

300000

3000000

0.0025

0.03

90000

50000

Note 11. Research and Development Grant On July 16, 2024, the Company was awarded the first tranche of $0.9 million of a <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20240716__20240716__us-gaap--AwardTypeAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_z5wuKPRwXZol">2two-year cooperative grant of up to a total of approximately $<span id="xdx_904_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_pn5n6_c20240716__20240716__us-gaap--AwardTypeAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zUImIkEOknvi" title="Stock granted during period value share based compensation">1.9 million from the National Institute on Drug Abuse (“NIDA”), part of the National Institutes of Health (“NIH”), to support the development of intravenous selonabant, for the potential use as an emergency treatment of acute cannabis-induced toxicities, including cannabis-induced CNS depression in children. With the support of NIDA, Anebulo completed IND-enabling activities and the scale up of its formulation of intravenous selonabant during fiscal 2025. The Company initiated a single ascending dose (“SAD”) study of IV selonabant in healthy adults in the third quarter of calendar 2025. The grant comes in the form of two tranches with the initial award of $<span id="xdx_904_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_pn5n6_c20240716__20240716__us-gaap--AwardTypeAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zJHjpYUemqv3" title="Stock granted during period value share based compensation">0.9 million in the first year and subsequent funding of approximately $1.0 million subject to certain conditions and milestones in the second year, specifically that the Investigational New Drug Application to the FDA for a Phase 1 SAD study of IV selonabant in healthy adults is permitted to proceed or an FDA clinical hold is imposed that cannot be successfully addressed with available time and resources. The grant was awarded under NIH award number 1U01DA059995-01. All conditions and milestones were met, and the Company received a notice of award from NIDA on September 2, 2025 for the Year 2 grant. The second-year award is approximately $1.0 million and the grant award number for year 2 is 5U01DA059995-02. As the granting agency does not meet the definition of a customer under ASC 606, the Company accounts for qualifying grant receipts as other income within the Company’s condensed statements of operations. The Company earns income for performing tasks under the grant agreement. Income is derived from the reimbursement of direct out-of-pocket expenses (including amounts to subrecipients), salaries and fringe benefits, and certain direct materials costs associated with grant activities. At December 31, 2025 and June 30, 2025, the Company recorded a grant receivable of approximately $0.1 million, which relates to qualified expenses incurred in connection with grant activities which have not yet been billed back to the funding agency. The Company recorded $0.6 million of grant income for the three and six months ended December 31, 2025. The Company recorded $0.2 million and $0.4 million of grant income for the three and six months ended December 31, 2024, respectively. Collection is deemed probable, and therefore no allowance for credit losses has been established. 900000

P2Y

1900000

900000

1000000.0

100000 100000 600000 600000 200000 400000

Note 12. Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is the development of treatments for cannabis toxicity, such as unintentional cannabis poisoning, ACI, and the broader landscape of acute cannabis-induced conditions. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM manages and allocates resources to the operations of the Company on a total company basis and segment performance is evaluated based on net loss. The Company’s CEO uses financial information for purposes of evaluating performance, understanding future forecasted results and allocating resources. The measure of segment assets is reported on the balance sheet as total assets. All of the Company’s tangible assets are held in the United States. The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the three and six months ended December 31, 2025 and 2024: Schedule of Financial Information Operating Segment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20251001__20251231_zo2k8dekmiP6" style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20241001__20241231_zdgsxPfsXmq1" style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--PreclinicalAndClinicalStudies_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zYh4kun0igx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Pre-clinical and clinical studies</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">928,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">455,039</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ManufacturingCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zq5krqtfjGKj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Contract manufacturing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435,999</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zKoL3XWCkaC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Consultants and other research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">188,614</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">329,497</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zdkglhB4p806" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Compensation and related benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">632,123</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">423,899</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ProfessionalFees_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ztM3L8ocit0i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Professional and consultant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">478,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,282</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ShareBasedCompensation_zglxLytq7TK1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Stock-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,333</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingInsuranceAndClaimsCostsProduction_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1Brhwit1igc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Directors’ and officers’ insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,518</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,983</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--FacilitiesFeesAndOtherRelatedCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zQWAGgTSZBtg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Facilities, fees and other related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,119</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestExpenseNonoperating_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z0akpmSQWCU7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,439</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,696</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeOther_iN_di_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zYNDqe0u3j1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(85,410</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,067</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--GrantIncomeOther_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zXPUfhHPiUde" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Grant income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(552,576</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(177,703</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zgsFtqDFdIu6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zIJhF3JGTi2g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,999,397</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,463,030</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">C</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_49A_20250701__20251231_zc3PrQK07xP8" style="font: 10pt Times New Roman, Times, Serif; text-align: right">168,420</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_490_20240701__20241231_zU9BlL4CiwF3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">651,465</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Six Months Ended December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_ecustom--PreclinicalAndClinicalStudies_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zjDO0xFxPTck" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Pre-clinical and clinical studies</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,335,200</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,288,900</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr id="xdx_402_eus-gaap--ManufacturingCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zU8FKjf5Iy8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Contract manufacturing</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">168,420</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">651,465</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ziwgwHfV4Fwd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Consultants and other research and development</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">471,108</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">595,029</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zRGuS2EmXYsc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Compensation and related benefits</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">953,459</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">730,512</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_402_eus-gaap--ProfessionalFees_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zTZkFq9HZ6h7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Professional and consultant fees</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,188,477</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">512,076</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_404_eus-gaap--ShareBasedCompensation_z8f8eCr9J3v2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Stock-based compensation expense</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">436,174</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">851,253</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingInsuranceAndClaimsCostsProduction_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2xTCc3XGpOf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Directors’ and officers’ insurance</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">223,847</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">240,141</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_409_ecustom--FacilitiesFeesAndOtherRelatedCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2c42C7ud6I3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Facilities, fees and other related costs</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">103,485</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">130,899</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--InterestExpenseNonoperating_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zdIcDactvCie" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Interest expense</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,878</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">119,393</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeOther_iN_di_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zV2pI3evYdch" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Interest income</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(195,026</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(33,073</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr id="xdx_409_ecustom--GrantIncomeOther_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zectyTswlSg9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Grant income</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(562,401</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(423,065</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zZJqG1snyhFe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">130</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">236</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z7KDz0oTVAzg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Net loss</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,157,751</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,663,766</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td></tr> </table>

The following table presents selected financial information with respect to the Company’s single operating segment and its significant segment expenses for the three and six months ended December 31, 2025 and 2024: Schedule of Financial Information Operating Segment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">C</td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20251001__20251231_zo2k8dekmiP6" style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_497_20241001__20241231_zdgsxPfsXmq1" style="text-align: right">2</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--PreclinicalAndClinicalStudies_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zYh4kun0igx9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: justify">Pre-clinical and clinical studies</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">928,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">455,039</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ManufacturingCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zq5krqtfjGKj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Contract manufacturing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">47,835</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">435,999</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zKoL3XWCkaC2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Consultants and other research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">188,614</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">329,497</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zdkglhB4p806" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Compensation and related benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">632,123</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">423,899</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ProfessionalFees_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ztM3L8ocit0i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Professional and consultant fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">478,283</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,282</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--ShareBasedCompensation_zglxLytq7TK1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Stock-based compensation expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,333</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingInsuranceAndClaimsCostsProduction_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z1Brhwit1igc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Directors’ and officers’ insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,518</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122,983</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--FacilitiesFeesAndOtherRelatedCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zQWAGgTSZBtg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Facilities, fees and other related costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,719</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60,119</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestExpenseNonoperating_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z0akpmSQWCU7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,439</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,696</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeOther_iN_di_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zYNDqe0u3j1c" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(85,410</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(7,067</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--GrantIncomeOther_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zXPUfhHPiUde" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Grant income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(552,576</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(177,703</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zgsFtqDFdIu6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">34</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zIJhF3JGTi2g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,999,397</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,463,030</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">C</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_49A_20250701__20251231_zc3PrQK07xP8" style="font: 10pt Times New Roman, Times, Serif; text-align: right">168,420</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td id="xdx_490_20240701__20241231_zU9BlL4CiwF3" style="font: 10pt Times New Roman, Times, Serif; text-align: right">651,465</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Six Months Ended December 31,</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2025</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr id="xdx_400_ecustom--PreclinicalAndClinicalStudies_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zjDO0xFxPTck" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify">Pre-clinical and clinical studies</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,335,200</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%">$</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">1,288,900</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"> </td></tr> <tr id="xdx_402_eus-gaap--ManufacturingCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zU8FKjf5Iy8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Contract manufacturing</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">168,420</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">651,465</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--ResearchAndDevelopmentExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ziwgwHfV4Fwd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Consultants and other research and development</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">471,108</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">595,029</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zRGuS2EmXYsc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Compensation and related benefits</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">953,459</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">730,512</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_402_eus-gaap--ProfessionalFees_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zTZkFq9HZ6h7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Professional and consultant fees</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,188,477</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">512,076</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_404_eus-gaap--ShareBasedCompensation_z8f8eCr9J3v2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Stock-based compensation expense</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">436,174</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">851,253</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingInsuranceAndClaimsCostsProduction_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2xTCc3XGpOf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Directors’ and officers’ insurance</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">223,847</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">240,141</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_409_ecustom--FacilitiesFeesAndOtherRelatedCosts_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2c42C7ud6I3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Facilities, fees and other related costs</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">103,485</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">130,899</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--InterestExpenseNonoperating_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zdIcDactvCie" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Interest expense</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">34,878</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">119,393</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestIncomeOther_iN_di_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zV2pI3evYdch" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Interest income</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(195,026</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(33,073</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr id="xdx_409_ecustom--GrantIncomeOther_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zectyTswlSg9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Grant income</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(562,401</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(423,065</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td></tr> <tr id="xdx_40C_eus-gaap--OtherNonoperatingIncomeExpense_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zZJqG1snyhFe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">130</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">236</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_hsrt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z7KDz0oTVAzg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Net loss</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,157,751</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif">$</td> <td style="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,663,766</td> <td style="font: 10pt Times New Roman, Times, Serif">)</td></tr> </table>

928288 455039

47835

435999

188614

329497

632123

423899

478283

196282

198530

564333

113518

122983

32719 60119

17439

59696

85410

7067

-552576 -177703

-47

-1999397

-2463030

1335200 1288900

168420

651465

471108

595029

953459

730512

1188477

512076

436174

851253

223847

240141

103485 130899

34878

119393

195026

33073

-562401 -423065

130

236

-4157751

-4663766

Note 13. Subsequent Events On January 29, 2026, the Company announced the final results of its previously announced tender offer to purchase for cash up to <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20260129__20260129__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvRDOuFTfV6k" title="Number of shares issued">300,000 shares of its Common Stock at a purchase price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20260129__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zShuneYGplrl" title="Purchase price per share">3.50 per share (the “Offer”), for an aggregate cost of approximately $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn4n6_c20260129__20260129__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zXEPQjO8cp62" title="Purchase price cost">1.05 million, excluding fees and expenses relating to the tender offer. The shares accepted for payment represent approximately <span id="xdx_905_eus-gaap--SaleOfStockPercentageOfOwnershipAfterTransaction_pid_c20260126__20260126__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqtHkIjosnk" title="sale of stock">0.73% of the shares that were outstanding as of January 26, 2026. Payment for the shares accepted for purchase pursuant to the tender offer was made on January 29, 2026. In accordance with the Company’s plan to “go private” following the completion of the Offer, on February 6, 2026, the Company notified Nasdaq of its intent to voluntarily delist the Common Stock from the Nasdaq Capital Market (“Nasdaq”) and publicly announced such intent. The Company also announced our planned subsequent voluntary deregistration of the Common Stock with the SEC in order to terminate and suspend the Company’s reporting obligations under the Securities Exchange Act of 1934, as amended.

300000

3.50

1050000.00

0.73

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