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Note 1. Business Description Imunon, Inc. (“Imunon” or the “Company”) is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms with the aim to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. Imunon is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®, is developed for the coding of proteins and cytokines in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine®, is developed for the coding of viral antigens that can elicit a strong immunological response. This technology may represent a promising platform for the development of vaccines in infectious diseases. The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer that has completed multiple clinical trials including one Phase II clinical trial (OVATION 2). IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company has completed dosing in a first-in-human study of its COVID-19 booster vaccine (IMNN-101). The Company will continue to leverage these modalities and to advance, either directly or through partnership, the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions.

Note 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. All significant intercompany balances and transactions have been eliminated in consolidation. During the quarter ended March 31, 2025, there were no changes to the Company’s accounting policies. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting only of normal recurring accruals considered necessary for a fair presentation, have been included in the accompanying unaudited condensed consolidated financial statements. Operating results for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the results that may be expected for any other interim period(s) or for any full year. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on February 27, 2025. The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. Actual results could differ materially from those estimates. Events and conditions arising subsequent to the most recent balance sheet date have been evaluated for their possible impact on the financial statements and accompanying notes. Going Concern Uncertainty Since inception, the Company has incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s drug candidates, and applications and submissions to the FDA. The Company has not generated significant revenue and has incurred significant net losses in each year since inception. For the quarter ended March 31, 2025, the Company had a net loss of $4.1 million and used $2.8 million to fund operations. As of March 31, 2025, the Company has incurred approximately $411 million of cumulative net losses. As of March 31, 2025, the Company had $2.9 million in cash and cash equivalents to fund its operations. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial markets in the U.S. and worldwide resulting from the recent tariff announcement by the U.S. federal government, the Russian invasion of Ukraine and the unrest in the Middle East. The Company continues to monitor its operating activities in light of these events, and it is possible that these events could result in a variety of risks to the business. The specific impact, if any, is not readily determinable as of the date of these consolidated Financial Statements. The Company has based its estimates on assumptions that may prove to be wrong. The Company may need to obtain additional funds sooner or in greater amounts than it currently anticipates. Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders may be diluted. The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the progress of research activities; the number and scope of research programs; the progress of preclinical and clinical development activities; the progress of the development efforts of parties with whom the Company has entered into research and development agreements; the costs associated with additional clinical trials of drug candidates; the ability to maintain current research and development licensing arrangements and to establish new research and development and licensing arrangements; the ability to achieve milestones under licensing arrangements; the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and the costs and timing of regulatory approvals. A fundamental component of the ability to continue as a going concern is the Company’s ability to raise capital as required, as to which no assurances can be provided. To address the additional funding requirements of the Company, management has undertaken the following initiatives: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it has assessed its current expenditures and will reduce spending where necessary;</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it will pursue additional capital funding in the public and private markets through equity sales and/or debt facilities;</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it will pursue possible partnerships and collaborations; and</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">it will pursue potential out licensing for its drug candidates.</td> </tr> </table> The Company’s ability to continue as a going concern will depend on its ability to raise additional capital, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue. There are no assurances that these future funding and operating efforts will be successful. If management is unsuccessful in these efforts, the Company’s current capital is not expected to be sufficient to fund our operations for the next twelve months. Management’s plan includes private or public equity financings, collaborations, or other strategic transactions such as raising funds from outside investors via its ATM program and other potential funding sources. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. The Company’s ability to raise additional funds will depend, among other factors, on financial, economic and market conditions, many of which are outside of its control, and it may be unable to raise financing when needed, or on terms favorable to the Company. If the Company is unable to obtain sufficient capital to fund its operations it may be required to evaluate alternatives. The Company’s financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.

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Note 3. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to its operations. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures”, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU No. 2023-09 is effective for the Company’s Annual Report om Form 10-K for the year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the income tax disclosures within the consolidated financial statements, the Company expects changes to the Company’s income tax disclosure. In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, general and administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact that this change will have on the Company’s disclosures.

Note 4. Net Loss per Common Share Basic and diluted net loss per common share was computed by dividing net loss for the year by the weighted average number of shares of common stock outstanding, both basic and diluted, during each period. The impact of common stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive. The total number of shares of common stock issuable upon exercise of warrants, stock option grants and equity awards were 7,137,111 and 1,197,390 shares for the periods ended March 31, 2025 and 2024, respectively. For the three-month periods ended March 31, 2025 and 2024, diluted loss per common share was the same as basic loss per common share as the other warrants, and equity awards that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted loss per common share as their effect would have been anti-dilutive. The Company did not pay any dividends during the first three months of 2025 or 2024.

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Note 5. Segment Performance Measures and Expenses The Company operates in one segment for the research and development of our product candidates. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company based on consolidated financial information. Consequently, we view the entire organization as one reportable segment and the strategic purpose of all operating activities (including general & administrative expenses) is to support that one segment. As a pre-revenue research and development company, the CODM evaluates company-wide performance and allocates resources based on non-financial research and development milestones achieved, and to a lesser extent, financial measures of performance such as clinical development (research and development expenses) and general and administrative expenses incurred. Our CODM does not generally evaluate our performance using asset or historical cash flow information. The table below provides a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands): Schedule of Significant Expense Categories and Consolidated Net Loss <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"></td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zttzLmiarANc" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zAQ3wRVqCXt2" 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><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"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the three months ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </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">(In thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </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">Change Increase (Decrease)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="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">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><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating Expenses:</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><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-left: 10pt; text-align: left">Clinical Research</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><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 id="xdx_40F_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OvationMember_zcmH8QMLDO4i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 44%">OVATION</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">214</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">287</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_985_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zkqylxoPpsFb" style="width: 10%; text-align: right">(73</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_900_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zaGLuqgjIYN1">(25.4</td><td style="width: 1%; text-align: left">)%</td></tr> <tr id="xdx_40F_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--VaccineMember_zl5VX7vid511" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Vaccine</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--VaccineMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zPq69kNmyCkb" style="text-align: right">(513</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--VaccineMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zmFQfDCMmAHd">(89.8</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40F_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OtherClinicalAndRegulatoryMember_zLeFVkJhrEXj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Other Clinical and regulatory</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">574</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">477</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_98A_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OtherClinicalAndRegulatoryMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zWv3fiNowy71" style="border-bottom: Black 1pt solid; text-align: right">97</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"><span id="xdx_906_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OtherClinicalAndRegulatoryMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zE9WAv0QSxzc">20.3</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember_z4KjMONDNqFb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,335</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zI5II7Lh5sth" style="text-align: right">(489</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zxaaH0oP6dGb">(36.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non-Clinical R&D and CMC</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><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 id="xdx_400_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--OvationMember_zIVlMgEdFsxc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">OVATION</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">913</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zxX1SsXscXE4" style="text-align: right">508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2LrMMyV5wF6">125.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--PlaCCineVaccineMember_z2EqqrEoseO8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">PlaCCine Vaccine</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">1,215</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--PlaCCineVaccineMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zzTFF4lwOp7l" style="text-align: right">(1,215</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 id="xdx_405_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--ManufacturingCMCMember_zQFEm2Tadncl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Manufacturing (CMC)</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">406</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">339</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_98E_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--ManufacturingCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zptDXvKHmymc" style="border-bottom: Black 1pt solid; text-align: right">67</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"><span id="xdx_906_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--ManufacturingCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zSbuiDHF2E39">19.8</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember_zMqrTkIhJb76" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Subtotal</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">1,319</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">1,959</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_985_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zHFschC9Ghu" style="border-bottom: Black 1pt solid; text-align: right" title="Change Increase (Decrease), Subtotal">(640</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"><span id="xdx_90C_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zM4ZxXxFyNn" title="Change Increase (Decrease), Subtotal, percentage">(32.7</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zSP3pRmFNCp1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,165</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,294</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpenses_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zGWj20oXN79k" style="text-align: right" title="Change Increase (Decrease), Research and development expenses">(1,129</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpensesPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ziM0Kg2ktfY8" title="Change Increase (Decrease), Research and development expenses, percentage">(34.3</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_zQKSm2tBD211" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">General and administrative expenses</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">1,980</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">1,717</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_983_ecustom--IncreaseDecreaseInGeneralAndAdministrativeExpenes_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z0SrVWP4UPV7" style="border-bottom: Black 1pt solid; text-align: right" title="Change Increase (Decrease), General and administrative expenses">263</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"><span id="xdx_90D_ecustom--IncreaseDecreaseInGeneralAndAdministrativeExpensesPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z26kfxKwWo6c" title="Change Increase (Decrease), General and administrative expenses, percentage">15.3</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--OperatingExpenses_pn3n3_zDph8RycsrZ7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Total operating expenses</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">4,145</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">5,011</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_98E_ecustom--IncreaseDecreaseInOperatingExpenses_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zSKD1cSaQ0Jb" style="border-bottom: Black 1pt solid; text-align: right" title="Change Increase (Decrease), Operating expenses">(866</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"><span id="xdx_909_ecustom--IncreaseDecreaseInOperatingExpensesPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ztaFQQNpC2Rj" title="Change Increase (Decrease), Operating expenses, percentage">(17.3</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_pn3n3_zhOHEnZv4Twd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss from operations</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">(4,145</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,011</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--IncreaseDecreaseInLossFromOperations_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2pjJ0lzHnT1" style="border-bottom: Black 2.5pt double; text-align: right" title="Change Increase (Decrease), Loss from operations">(866</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"><span id="xdx_90D_ecustom--IncreaseDecreaseInLossFromOperationsPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zMnn1BgkJij9" title="Change Increase (Decrease), Loss from operations, percentage">(17.3</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table>

The table below provides a summary of the significant expense categories and consolidated net loss details provided to the CODM (in thousands): Schedule of Significant Expense Categories and Consolidated Net Loss <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"></td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zttzLmiarANc" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20240101__20240331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zAQ3wRVqCXt2" 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><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"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the three months ended March 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </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">(In thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </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">Change Increase (Decrease)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="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">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><td style="padding-bottom: 1pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating Expenses:</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><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-left: 10pt; text-align: left">Clinical Research</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><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 id="xdx_40F_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OvationMember_zcmH8QMLDO4i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 44%">OVATION</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">214</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">287</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_985_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zkqylxoPpsFb" style="width: 10%; text-align: right">(73</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_900_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zaGLuqgjIYN1">(25.4</td><td style="width: 1%; text-align: left">)%</td></tr> <tr id="xdx_40F_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--VaccineMember_zl5VX7vid511" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Vaccine</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--VaccineMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zPq69kNmyCkb" style="text-align: right">(513</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--VaccineMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zmFQfDCMmAHd">(89.8</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40F_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OtherClinicalAndRegulatoryMember_zLeFVkJhrEXj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Other Clinical and regulatory</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">574</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">477</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_98A_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OtherClinicalAndRegulatoryMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zWv3fiNowy71" style="border-bottom: Black 1pt solid; text-align: right">97</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"><span id="xdx_906_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__us-gaap--SubsegmentsAxis__custom--OtherClinicalAndRegulatoryMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zE9WAv0QSxzc">20.3</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_401_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember_z4KjMONDNqFb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,335</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zI5II7Lh5sth" style="text-align: right">(489</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--ClinicalResearchMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zxaaH0oP6dGb">(36.6</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non-Clinical R&D and CMC</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><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 id="xdx_400_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--OvationMember_zIVlMgEdFsxc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">OVATION</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">913</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zxX1SsXscXE4" style="text-align: right">508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--OvationMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2LrMMyV5wF6">125.4</td><td style="text-align: left">%</td></tr> <tr id="xdx_405_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--PlaCCineVaccineMember_z2EqqrEoseO8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">PlaCCine Vaccine</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">1,215</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--PlaCCineVaccineMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zzTFF4lwOp7l" style="text-align: right">(1,215</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 id="xdx_405_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--ManufacturingCMCMember_zQFEm2Tadncl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Manufacturing (CMC)</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">406</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">339</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_98E_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--ManufacturingCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zptDXvKHmymc" style="border-bottom: Black 1pt solid; text-align: right">67</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"><span id="xdx_906_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__us-gaap--SubsegmentsAxis__custom--ManufacturingCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zSbuiDHF2E39">19.8</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eus-gaap--OperatingCostsAndExpenses_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember_zMqrTkIhJb76" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">Subtotal</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">1,319</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">1,959</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_985_ecustom--IncreaseDecreaseInOperatingCostAndExpenses_pn3n3_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zHFschC9Ghu" style="border-bottom: Black 1pt solid; text-align: right" title="Change Increase (Decrease), Subtotal">(640</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"><span id="xdx_90C_ecustom--IncreaseDecreaseInOperatingCostsAndExpensesPercentage_dp_uPure_c20250101__20250331__us-gaap--StatementBusinessSegmentsAxis__custom--NonClinicalRAndDAndCMCMember__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zM4ZxXxFyNn" title="Change Increase (Decrease), Subtotal, percentage">(32.7</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_404_eus-gaap--ResearchAndDevelopmentExpense_pn3n3_zSP3pRmFNCp1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Research and development expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,165</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,294</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpenses_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zGWj20oXN79k" style="text-align: right" title="Change Increase (Decrease), Research and development expenses">(1,129</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_ecustom--IncreaseDecreaseInResearchAndDevelopmentExpensesPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ziM0Kg2ktfY8" title="Change Increase (Decrease), Research and development expenses, percentage">(34.3</td><td style="text-align: left">)%</td></tr> <tr id="xdx_40D_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_zQKSm2tBD211" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">General and administrative expenses</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">1,980</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">1,717</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_983_ecustom--IncreaseDecreaseInGeneralAndAdministrativeExpenes_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z0SrVWP4UPV7" style="border-bottom: Black 1pt solid; text-align: right" title="Change Increase (Decrease), General and administrative expenses">263</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"><span id="xdx_90D_ecustom--IncreaseDecreaseInGeneralAndAdministrativeExpensesPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z26kfxKwWo6c" title="Change Increase (Decrease), General and administrative expenses, percentage">15.3</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--OperatingExpenses_pn3n3_zDph8RycsrZ7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt">Total operating expenses</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">4,145</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">5,011</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_98E_ecustom--IncreaseDecreaseInOperatingExpenses_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zSKD1cSaQ0Jb" style="border-bottom: Black 1pt solid; text-align: right" title="Change Increase (Decrease), Operating expenses">(866</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"><span id="xdx_909_ecustom--IncreaseDecreaseInOperatingExpensesPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_ztaFQQNpC2Rj" title="Change Increase (Decrease), Operating expenses, percentage">(17.3</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr id="xdx_400_eus-gaap--OperatingIncomeLoss_pn3n3_zhOHEnZv4Twd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss from operations</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">(4,145</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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(5,011</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--IncreaseDecreaseInLossFromOperations_pn3n3_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_z2pjJ0lzHnT1" style="border-bottom: Black 2.5pt double; text-align: right" title="Change Increase (Decrease), Loss from operations">(866</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"><span id="xdx_90D_ecustom--IncreaseDecreaseInLossFromOperationsPercentage_dp_uPure_c20250101__20250331__srt--ConsolidationItemsAxis__us-gaap--OperatingSegmentsMember_zMnn1BgkJij9" title="Change Increase (Decrease), Loss from operations, percentage">(17.3</td><td style="padding-bottom: 2.5pt; text-align: left">)%</td></tr> </table>

214000

287000

-73000 -0.254

58000

571000

-513000 -0.898

574000

477000

97000 0.203

846000

1335000

-489000 -0.366

913000

405000

508000 1.254

1215000

-1215000

406000

339000

67000 0.198

1319000

1959000

-640000 -0.327

2165000

3294000

-1129000 -0.343

1980000

1717000

263000 0.153

4145000

5011000

-866000 -0.173

-4145000

-5011000

-866000 -0.173

Note 6. Other Accrued Liabilities Other accrued liabilities at March 31, 2025 and December 31, 2024 include the following: Schedule of Other Accrued Liabilities <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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250331_zDMBHuuK9yu" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 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_49B_20241231_zYQu4gtN6mad" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ContractualObligation_iI_maCz80K_zrf1qyIeQx46" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Amounts due to contract research organizations and other contractual agreements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">952,003</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,048,036</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maCz80K_z3LPUbl3Hg0h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued payroll and related benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550,804</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945,111</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccruedProfessionalFeesCurrent_iI_maCz80K_zzZBKmtlFse1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accrued professional fees and 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">40,600</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">40,600</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtCz80K_zaB2WajgevHk" style="vertical-align: bottom; background-color: White"> <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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,543,407</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,033,747</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Other accrued liabilities at March 31, 2025 and December 31, 2024 include the following: Schedule of Other Accrued Liabilities <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="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250331_zDMBHuuK9yu" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">March 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_49B_20241231_zYQu4gtN6mad" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ContractualObligation_iI_maCz80K_zrf1qyIeQx46" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Amounts due to contract research organizations and other contractual agreements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">952,003</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,048,036</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maCz80K_z3LPUbl3Hg0h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued payroll and related benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,550,804</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,945,111</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccruedProfessionalFeesCurrent_iI_maCz80K_zzZBKmtlFse1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Accrued professional fees and 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">40,600</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">40,600</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtCz80K_zaB2WajgevHk" style="vertical-align: bottom; background-color: White"> <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">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,543,407</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,033,747</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

952003

1048036

2550804

1945111

40600

3543407

3033747

Note 7. Stockholders’ Equity On May 15, 2024, the Company filed with the SEC a shelf registration statement on Form S-3 (the “2024 Registration Statement”) for the offer and sale of up to $75 million of its securities. The 2024 Registration Statement was declared effective on May 22, 2024. The 2024 Registration Statement is intended to provide the Company with flexibility to raise capital in the future for general corporate purposes. However, the Company’s ability to offer and sell its securities in a primary offering on the 2024 Registration Statement is limited by General Instruction I.B.6 of Form S-3 (the “Baby Shelf Limitation”), which limits the amount that the Company can offer to up to one-third of its public float during any trailing 12-month period. The Company would no longer be subject to the Baby Shelf Limitation if its public float exceeds $75 million. At the Market Offering Agreement On May 15, 2024, the Company amended the At the Market Offering Agreement, dated as of May 25, 2022 (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”) as sales agent. Pursuant to the terms of the amended ATM Agreement, the Company may offer and sell, from time to time, through Wainwright, shares of the Company’s common stock having an aggregate offering price of up to $<span id="xdx_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20240515__20240515__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember_z6wdLYTR2yQj" title="Stock issued during period, value, new issues">5,500,000. The Company intends to use the net proceeds from any offering under the amended ATM Agreement for general corporate purposes, including research and development activities, capital expenditures and working capital. On July 30, 2024, the Company notified Wainwright that it was suspending its use of and terminating the “at the market offering” sales agreement prospectus (the “ATM Prospectus”), related to the potential issuance from time to time of the Company’s common stock pursuant to the ATM Agreement, by and between the Company and Wainwright. Notwithstanding the termination of the ATM Prospectus, the ATM Agreement remains in full force and effect. On September 3, 2024, the Company filed a new prospectus supplement to the 2024 Registration Statement with the SEC for an aggregate offering price of up to $5,500,000 related to the potential issuance from time to time of the Company’s common stock pursuant to the ATM Agreement with Wainwright as sales agent. The Company sold <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember_zUgl5EKSuKrg" title="Number of shares sold">88,796 shares of common stock under the ATM Agreement for net proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember_zwTljuNhBF14" title="Proceeds from sale of stock">99,506 during 2024. The Company sold <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20250101__20250331__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember_zpp2xJfOf4lk" title="Number of shares sold">120,047 shares of common stock under the ATM Agreement for net proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20250101__20250331__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketOfferingAgreementMember_zusrzmQWwB8a" title="Proceeds from sale of stock">105,693 during the quarter ended March 31, 2025. July 2024 Offering On July 30, 2024, the Company entered into the July 2024 Purchase Agreement with the Purchasers, pursuant to which the Company issued, in a registered direct offering, an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240730__20240730__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JulyTwoThousandTwentyFourOfferingMember_zPEC61l1dtuh" title="Stock issued, shares">5,000,000 shares of the Company’s common stock at an offering price of $<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_c20240730__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JulyTwoThousandTwentyFourOfferingMember_zRJP8unpaKL" title="Share price">2.00 per share for gross proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20240730__20240730__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JulyTwoThousandTwentyFourOfferingMember_zub5faAdiPWf" title="Proceeds from issuance of common stock">10.0 million before the deduction of placement agent fees and offering expenses. In a concurrent private placement and also pursuant to the July 2024 Purchase Agreement, the Company issued to the Purchasers the Warrants to purchase an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240730__20240730__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JulyTwoThousandTwentyFourOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zc0eossdhbR8" title="Stock issued, shares">5,000,000 shares of its common stock at an exercise price of $<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20240730__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JulyTwoThousandTwentyFourOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zLhzvv2Qb0E1" title="Share price">2.00 per share. The Warrants became exercisable immediately after issuance for a term of five and one-half years following the date of issuance. The closing of the July 2024 Offering occurred on August 1, 2024.

75000000

5500000

88796

99506

120047

105693

5000000

2.00

10000000.0

5000000

2.00

Note 8. Stock-Based Compensation The Company has long-term compensation plans that permit the granting of equity-based awards in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, and performance awards. In 2018, stockholders approved the Imunon, Inc. 2018 Stock Incentive Plan (the “2018 Plan”). The 2018 Plan, as amended, permits the granting of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20181231__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember_zoirI6Uujjx5">1,970,000 shares of Imunon common stock as equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, performance awards, or in any combination of the foregoing. As of March 31, 2025, there were a total of <span id="xdx_901_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20250331__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember_z65EMasNM0F" title="Common stock, reserved for future issuance">1,975,073 shares of Imunon common stock reserved for issuance under the 2018 Plan, which were comprised of <span id="xdx_90E_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20250331__us-gaap--AwardTypeAxis__custom--EquityStockAwardsMember__srt--StatementScenarioAxis__custom--GrantedUnderTwoThousandEighteenPlanAndTwoThousandSevenPlanMember_zuS2bljCWfyc" title="Common stock, reserved for future issuance">1,751,551 shares of Imunon common stock subject to equity awards previously granted under the 2018 Plan and the Company’s 2007 Stock Incentive Plan and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20250331__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember_zD1rC705I4d3" title="Shares available for issuance">223,522 shares of Imunon common stock available for future issuance under the 2018 Plan. As of March 31, 2025, the Compensation Committee of the Board of Directors approved the grant of inducement stock options (the “Inducement Option Grants”) to purchase a total of <span id="xdx_909_eus-gaap--SharesIssued_iI_c20250331__us-gaap--PlanNameAxis__custom--InducementOptionGrantsMember__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zEddBPwCStQc" title="Shares issued">230,500 shares of Imunon common stock. Each Inducement Option Grant has a weighted exercise price of $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250101__20250331__us-gaap--PlanNameAxis__custom--InducementOptionGrantsMember__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember_z2Gcd5vBrdAf" title="Exercise price per share">0.98 per share. Each Inducement Option Grant vests over three years, with one-third vesting on the one-year anniversary of the employee’s first day of employment with the Company and one-third vesting on the second and third anniversaries thereafter, subject to the new employee’s continued service relationship with the Company on each such date. Each Inducement Option Grant has a ten-year term and is subject to the terms and conditions of the applicable stock option agreement. Total compensation cost related to stock options and restricted stock awards was approximately $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember_z746VLvQylm1" title="Share based compensation">0.2 million of expense for period ended March 31, 2025 and $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20240331__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember_zKiiO4AdXucf" title="Share based compensation">31,000 reversal for period ended March 31, 2024. Of these amounts, approximately $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20250101__20250331__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zXTBl0OYnTn9" title="Share based compensation expense">49,000 for the period ended March 31, 2025 and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20240331__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zGhA3HJwuck4" title="Share based compensation expense">65,000 for the period ended March 31, 2024 were charged to research and development expenses and $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20250331__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zk6A9L6pYy28" title="Share based compensation">0.2 million of expense for the period ended March 31, 2025 and $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_c20240101__20240331__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z8yR0aGpCgA9" title="Share based compensation">96,000 reversal of expense for the period ended March 31, 2024 were charged to general and administrative expenses. A summary of stock option awards and restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the three-months ended March 31, 2025 is presented below: Summary of Stock Options Awards and Restricted Stock Grants <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="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Stock Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </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">Restricted Stock Awards</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center">Weighted Average</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Options Outstanding</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">Non-vested Restricted Stock Outstanding</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 Grant Date Fair Value</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">Contractual Terms of Equity Awards (in years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Equity awards outstanding at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlZKPa3bArn3" style="width: 9%; text-align: right" title="Options outstanding, beginning balance">1,645,873</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_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_znrg3dEuxE0b" style="width: 9%; text-align: right" title="Weighted average exercise price, beginning balance">1.95</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--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zAvcIrahrW39" style="width: 9%; text-align: right" title="Non-vested stock awards, beginning balance">39,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zsRuzLC2uueg" style="width: 9%; text-align: right" title="Weighted average grant date fair value, beginning balance">0.99</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Equity awards granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLUnL7AprOI3" style="text-align: right" title="Options outstanding, granted">321,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQRdeGFH4Ox7" style="text-align: right" title="Weighted average exercise price, granted">0.86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zDtRhwYOl8r3" style="text-align: right" title="Non-vested stock awards, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zgLNz6JaZ0Lk" style="text-align: right" title="Weighted average grant date fair value, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Equity awards terminated</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlRwnCmxfdKa" style="border-bottom: Black 1pt solid; text-align: right" title="Options outstanding, Terminated">(25,272</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQnEvdDm7J12" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, Terminated">1.49</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_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zd4xAaoYvtN6" style="border-bottom: Black 1pt solid; text-align: right" title="Non-vested stock awards, Terminated">-</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_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zjVaZR1rtupd" style="padding-bottom: 1pt; text-align: right" title="Weighted average grant date fair value, Terminated">-</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: White"> <td> </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><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><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 style="text-align: left; padding-bottom: 2.5pt">Equity awards outstanding at March 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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zE4NAXQwT1E7" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding, ending balance">1,942,351</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_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zb1aWnoNTi9b" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">1.78</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 id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zGmlhkzETGOe" style="border-bottom: Black 2.5pt double; text-align: right" title="Non-vested stock awards, ending balance">39,700</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_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_znropfaDegj4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, ending balance">0.99</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--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7wVj8iJrGmg" title="Weighted average contractual terms">8.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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><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 style="padding-bottom: 2.5pt; text-align: left">Equity awards exercisable at March 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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zY1f4vZnIxdi" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding, exercisable">1,095,121</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgvFAUexC9H4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable">2.30</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><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><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_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zAO4jbb2oXl4" title="Weighted average contractual terms, exercisable">8.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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><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 style="padding-bottom: 2.5pt; text-align: left">Aggregate intrinsic value of equity awards exercisable at March 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_98F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVQA4BOZPj0h" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding, aggregate intrinsic value, exercisable">19,431</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><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><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><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 March 31, 2025, there was $0.5 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a period of three <span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20250331__srt--RangeAxis__srt--MinimumMember_zcHbYFfdaVY9">3to <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dc_c20250101__20250331__srt--RangeAxis__srt--MaximumMember_zfWb0Y8F2F89">four years. The weighted average grant date fair values of the stock options granted were $0.81 during the three-month periods ended March 31, 2025. <p id="xdx_895_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zlWnmFNlB0p5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from the Company’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: Schedule of Assumptions Used to Determine Fair Value of Options Granted <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="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20250101__20250331_zVQ4E2gxW4u5" style="font-size: 10pt" title="Risk-free interest rate, minimum">4.31 to <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20250101__20250331_zyjUKI0UZQpc" title="Risk-free interest rate, maximum">4.55</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">4.31</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20250101__20250331_zcr3CNLXxGwh" title="Expected volatility, minimum">110.74 to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20250101__20250331_zd0yC46Vlq0e" title="Expected volatility, maximum">115.63</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111.82</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250331__srt--RangeAxis__srt--MinimumMember_zFyXeWPaKp66" title="Expected life (in years)">9.0 to <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250331__srt--RangeAxis__srt--MaximumMember_zBnyTaDcf0F" title="Expected life (in years)">10.0 </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20240331__srt--RangeAxis__srt--MinimumMember_zYXDWKjONqp1" title="Expected life (in years)">9.0 to <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20240331__srt--RangeAxis__srt--MaximumMember_zoKD6YkDwD87" title="Expected life (in years)">10.0 </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250101__20250331_zaLguBVtpii4" style="text-align: right" title="Expected dividend yield">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20240331_z190Nmm2hwo6" style="text-align: right" title="Expected dividend yield">0.0</td><td style="text-align: left">%</td></tr> </table> Expected volatilities utilized in the model are based on historical volatility of the Company’s stock price. The risk-free interest rate is derived from values assigned to U.S. Treasury bonds with terms that approximate the expected option lives in effect at the time of grant.

1970000

1975073

1751551

223522

230500

0.98

200000

31000

49000

65000

200000

96000

A summary of stock option awards and restricted stock grants, inclusive of awards granted under the 2018 Stock Plan and Inducement Option Grants for the three-months ended March 31, 2025 is presented below: Summary of Stock Options Awards and Restricted Stock Grants <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="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Stock Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </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">Restricted Stock Awards</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center">Weighted Average</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Options Outstanding</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">Non-vested Restricted Stock Outstanding</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 Grant Date Fair Value</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">Contractual Terms of Equity Awards (in years)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left">Equity awards outstanding at January 1, 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlZKPa3bArn3" style="width: 9%; text-align: right" title="Options outstanding, beginning balance">1,645,873</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_znrg3dEuxE0b" style="width: 9%; text-align: right" title="Weighted average exercise price, beginning balance">1.95</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zAvcIrahrW39" style="width: 9%; text-align: right" title="Non-vested stock awards, beginning balance">39,700</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zsRuzLC2uueg" style="width: 9%; text-align: right" title="Weighted average grant date fair value, beginning balance">0.99</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: 9%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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><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 style="text-align: left">Equity awards granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLUnL7AprOI3" style="text-align: right" title="Options outstanding, granted">321,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQRdeGFH4Ox7" style="text-align: right" title="Weighted average exercise price, granted">0.86</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zDtRhwYOl8r3" style="text-align: right" title="Non-vested stock awards, granted">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zgLNz6JaZ0Lk" style="text-align: right" title="Weighted average grant date fair value, 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></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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><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 style="text-align: left; padding-bottom: 1pt">Equity awards terminated</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_di_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlRwnCmxfdKa" style="border-bottom: Black 1pt solid; text-align: right" title="Options outstanding, Terminated">(25,272</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQnEvdDm7J12" style="padding-bottom: 1pt; text-align: right" title="Weighted average exercise price, Terminated">1.49</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zd4xAaoYvtN6" style="border-bottom: Black 1pt solid; text-align: right" title="Non-vested stock awards, Terminated">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zjVaZR1rtupd" style="padding-bottom: 1pt; text-align: right" title="Weighted average grant date fair value, Terminated">-</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: White"> <td> </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><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><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 style="text-align: left; padding-bottom: 2.5pt">Equity awards outstanding at March 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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zE4NAXQwT1E7" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding, ending balance">1,942,351</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">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zb1aWnoNTi9b" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, ending balance">1.78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zGmlhkzETGOe" style="border-bottom: Black 2.5pt double; text-align: right" title="Non-vested stock awards, ending balance">39,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_znropfaDegj4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, ending balance">0.99</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--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z7wVj8iJrGmg" title="Weighted average contractual terms">8.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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><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 style="padding-bottom: 2.5pt; text-align: left">Equity awards exercisable at March 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_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zY1f4vZnIxdi" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding, exercisable">1,095,121</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_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zgvFAUexC9H4" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price, exercisable">2.30</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><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><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_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zAO4jbb2oXl4" title="Weighted average contractual terms, exercisable">8.3</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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><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><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 style="padding-bottom: 2.5pt; text-align: left">Aggregate intrinsic value of equity awards exercisable at March 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_98F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_c20250331__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVQA4BOZPj0h" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding, aggregate intrinsic value, exercisable">19,431</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><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><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><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>

1645873

1.95

39700

0.99

321750

0.86

25272

1.49

1942351

1.78

39700

0.99

P8Y8M12D

1095121

2.30

P8Y3M18D

19431

500000

P3Y

P4Y

0.81

<p id="xdx_895_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zlWnmFNlB0p5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from the Company’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: Schedule of Assumptions Used to Determine Fair Value of Options Granted <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="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid">For the Three Months Ended March 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20250101__20250331_zVQ4E2gxW4u5" style="font-size: 10pt" title="Risk-free interest rate, minimum">4.31 to <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20250101__20250331_zyjUKI0UZQpc" title="Risk-free interest rate, maximum">4.55</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">4.31</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20250101__20250331_zcr3CNLXxGwh" title="Expected volatility, minimum">110.74 to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20250101__20250331_zd0yC46Vlq0e" title="Expected volatility, maximum">115.63</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">111.82</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250331__srt--RangeAxis__srt--MinimumMember_zFyXeWPaKp66" title="Expected life (in years)">9.0 to <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250101__20250331__srt--RangeAxis__srt--MaximumMember_zBnyTaDcf0F" title="Expected life (in years)">10.0 </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20240331__srt--RangeAxis__srt--MinimumMember_zYXDWKjONqp1" title="Expected life (in years)">9.0 to <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20240331__srt--RangeAxis__srt--MaximumMember_zoKD6YkDwD87" title="Expected life (in years)">10.0 </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250101__20250331_zaLguBVtpii4" style="text-align: right" title="Expected dividend yield">0.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20240101__20240331_z190Nmm2hwo6" style="text-align: right" title="Expected dividend yield">0.0</td><td style="text-align: left">%</td></tr> </table>

0.0431

0.0455

0.0431

1.1074

1.1563

1.1182

P9Y

P10Y

P9Y

P10Y

0.000

Note 9. Warrants Following is a summary of all warrant activity for the three-month period ended March 31, 2025: Summary of Warrant 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="border-bottom: Black 1pt solid; text-align: left">Warrants</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Warrants Issued</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Warrants outstanding at December 31, 2024</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_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20250101__20250331_fKg_____zy60rkSRpMfb" style="width: 16%; text-align: right" title="Number of Warrants Issued, Warrants outstanding, Beginning balance">5,155,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20250101__20250331_z8Nu5fQz39ec" style="width: 17%; text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Beginning balance">2.51</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants outstanding at March 31, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20250101__20250331_zMBopzz5dic1" style="text-align: right" title="Number of Warrants Issued, Warrants outstanding, Ending balance">5,155,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_c20250101__20250331_zEIc8B0X996h" style="text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Ending balance">2.51</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </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 style="padding-bottom: 2.5pt; text-align: left">Aggregate intrinsic value of outstanding warrants at March 31, 2025</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"><span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValue_iI_pp0p0_c20250331_zIg87a8ZKOEd" title="Aggregate intrinsic value of outstanding warrants">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </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 style="text-align: left">Weighted average remaining contractual terms at March 31, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250331_fKg_____z025kGuhS4Bf" title="Weighted average remaining contractual terms (years)">4.7 years</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> </table>

Following is a summary of all warrant activity for the three-month period ended March 31, 2025: Summary of Warrant 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="border-bottom: Black 1pt solid; text-align: left">Warrants</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Number of Warrants Issued</td><td> </td><td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Weighted Average Exercise Price</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; text-align: left">Warrants outstanding at December 31, 2024</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_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20250101__20250331_fKg_____zy60rkSRpMfb" style="width: 16%; text-align: right" title="Number of Warrants Issued, Warrants outstanding, Beginning balance">5,155,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20250101__20250331_z8Nu5fQz39ec" style="width: 17%; text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Beginning balance">2.51</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants outstanding at March 31, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20250101__20250331_zMBopzz5dic1" style="text-align: right" title="Number of Warrants Issued, Warrants outstanding, Ending balance">5,155,060</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_c20250101__20250331_zEIc8B0X996h" style="text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Ending balance">2.51</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </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 style="padding-bottom: 2.5pt; text-align: left">Aggregate intrinsic value of outstanding warrants at March 31, 2025</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"><span id="xdx_900_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValue_iI_pp0p0_c20250331_zIg87a8ZKOEd" title="Aggregate intrinsic value of outstanding warrants">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </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 style="text-align: left">Weighted average remaining contractual terms at March 31, 2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20250331_fKg_____z025kGuhS4Bf" title="Weighted average remaining contractual terms (years)">4.7 years</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> </table>

5155060

2.51

5155060

2.51 P4Y8M12D

Note 10. Leases Lawrenceville, New Jersey Lease In August 2023, the Company renewed its Lawrenceville office lease for a 24-month agreement for 9,850 square feet with monthly rent payments of approximately $<span id="xdx_900_eus-gaap--PaymentsForRent_pp0p0_c20230801__20230831__us-gaap--TypeOfArrangementAxis__custom--LawrencevilleNewJerseyLeaseMember__srt--RangeAxis__srt--MinimumMember_zftgyorDTZqk" title="Payments for rent">22,983 to $<span id="xdx_90C_eus-gaap--PaymentsForRent_pp0p0_c20230801__20230831__us-gaap--TypeOfArrangementAxis__custom--LawrencevilleNewJerseyLeaseMember__srt--RangeAxis__srt--MaximumMember_zx8lBr48ORx3" title="Payments for rent">23,394. In April 2025, the Company renewed its Lawrenceville office lease until November 30, 2028 for 4,359 square feet (to be reduced to <span id="xdx_90C_eus-gaap--AreaOfLand_iI_pp0p0_usqrt_c20260401__us-gaap--TypeOfArrangementAxis__custom--LawrencevilleNewJerseyLeaseMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zWDYAEsm15Nh" title="Area of land">4,011 following April 1, 2026) with monthly rent payments of approximately $<span id="xdx_901_eus-gaap--PaymentsForRent_pp0p0_c20250401__20250430__us-gaap--TypeOfArrangementAxis__custom--LawrencevilleNewJerseyLeaseMember__srt--RangeAxis__srt--MinimumMember_z7qb4CkiotI8" title="Payments for rent">10,361 to $<span id="xdx_90B_eus-gaap--PaymentsForRent_pp0p0_c20250401__20250430__us-gaap--TypeOfArrangementAxis__custom--LawrencevilleNewJerseyLeaseMember__srt--RangeAxis__srt--MaximumMember_zfRI48ywO0Ph" title="Payments for rent">10,863. Huntsville, Alabama Lease In January 2023, the Company renewed its Huntsville facility lease for a 60-month lease agreement for 11,420 square feet with monthly rent payments of approximately $<span id="xdx_90E_eus-gaap--PaymentsForRent_pp0p0_c20230101__20230131__us-gaap--TypeOfArrangementAxis__custom--HuntsvilleAlabamaLeaseMember__srt--RangeAxis__srt--MinimumMember_zuGFMtQBVi21" title="Payments for rent">28,550 to $<span id="xdx_90D_eus-gaap--PaymentsForRent_pp0p0_c20230101__20230131__us-gaap--TypeOfArrangementAxis__custom--HuntsvilleAlabamaLeaseMember__srt--RangeAxis__srt--MaximumMember_zQl99G8O0tmk" title="Payments for rent">30,903. The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of March 31, 2025: Schedule of Lease Payments and Maturity of Operating Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; vertical-align: bottom; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20250331_zUbR91SZoBQh" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLOLLPzy9p_zxUe7kHA7mc5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; width: 80%; text-align: left">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">384,300</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzy9p_zTH21gk3b3lf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: bottom; text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362,976</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzy9p_zAbcTBNJV66d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,235</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndAfterYearFour_iI_maLOLLPzy9p_zxE3rENPxxD7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2028 and thereafter</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">30,903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzy9p_maOLLz45C_maOLLzlbh_zHKip0PtLX79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Subtotal future lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,148,414</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zon1JZ9RZHw3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less imputed interest</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">(140,366</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iI_zazsIDkPYHUb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease liabilities</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">1,008,048</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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>Weighted average remaining life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20250331_zXXMg6RyrtW6" style="text-align: right" title="Operating lease, weighted average discount rate, percent">9.98</td><td style="text-align: left">%</td></tr> </table> For the three-month period ended March 31, 2025, operating lease expense was $165,232 and cash paid for operating leases included in operating cash flows was $165,231. For the three-month period ended March 31, 2024, operating lease expense was $154,514 and cash paid for operating leases included in operating cash flows was $162,545.

P24M

9850

22983

23394

4359

4011

10361

10863

P60M

11420

28550

30903

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of March 31, 2025: Schedule of Lease Payments and Maturity of Operating Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; vertical-align: bottom; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_497_20250331_zUbR91SZoBQh" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear_iI_maLOLLPzy9p_zxUe7kHA7mc5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; width: 80%; text-align: left">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">384,300</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzy9p_zTH21gk3b3lf" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: bottom; text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">362,976</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzy9p_zAbcTBNJV66d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="vertical-align: bottom; text-align: left">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,235</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueYearFourAndAfterYearFour_iI_maLOLLPzy9p_zxE3rENPxxD7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">2028 and thereafter</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">30,903</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzy9p_maOLLz45C_maOLLzlbh_zHKip0PtLX79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Subtotal future lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,148,414</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_zon1JZ9RZHw3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Less imputed interest</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">(140,366</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--OperatingLeaseLiability_iI_zazsIDkPYHUb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease liabilities</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">1,008,048</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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>Weighted average remaining life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.59</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </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>Weighted average discount rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20250331_zXXMg6RyrtW6" style="text-align: right" title="Operating lease, weighted average discount rate, percent">9.98</td><td style="text-align: left">%</td></tr> </table>

384300

362976

370235

30903

1148414

140366

1008048

P2Y7M2D

0.0998

165232

165231

154514

162545

Note 11. Commitments and Contingencies We are not currently a party to any material legal proceedings.

Note 12. Subsequent Events The Company has evaluated its subsequent events from March 31, 2025, through the date these consolidated financial statements were issued.

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