What changed in this filing

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Item 1. Business

2026-03-06 compared with 2025-03-31 · 550 added, 431 removed, 13 unchanged (99% of the section changed)

Diagnostics, Inc.

(“Bluejay”) is a medical diagnostics company focused on improving patient outcomes in critical care

We are working on developing rapid tests using whole blood on our Symphony technology platform (“Symphony”),

which consists of an analyzer and single-use cartridges.

Bluejay Diagnostics, Inc.

is a medical diagnostics company focused on improving patient outcomes in critical care settings, with a focus on sepsis.

We are working

on developing rapid, near-patient tests using whole blood on our Symphony technology platform (“Symphony”), which consists

of an analyzer and single-use protein detection cartridges.

We do not yet have regulatory clearance for Symphony, and we will need to

receive regulatory authorization from the U.S.

Food and Drug Administration (the “FDA”) to be marketed as a diagnostic

product in the United States.

We have completed the development of the Symphony analyzer.

We are currently preparing to transfer

the intellectual property underlying the production of the Symphony cartridges from the original developer and outside supplier,

Toray Industries, to an in-house facility.

We are also beginning the process of redeveloping aspects of the Symphony cartridges to

address several technical challenges to bring Symphony to a level consistent with necessary performance and quality requirements.

After redevelopment, we plan to transfer manufacturing of the Symphony cartridges to a Contract Manufacturing Organization

(“CMO”) to manufacture the Symphony cartridges.

Food and Drug Administration (the “FDA”) before Symphony can be marketed as

a diagnostic product in the United States.

We have completed the pre-clinical development of the Symphony analyzer.

During 2026, we transferred

the knowledge, technology and process underlying the production of the Symphony cartridges from the original developer and outside supplier,

Toray Industries, to a contract manufacturing facility with FDA certification run by Sanyoseiko.

We are also working with Sanyoseiko to

modify the manufacturing process of the Symphony cartridges to address certain technical issues to bring Symphony to a level consistent

with necessary performance and quality requirements for regulatory submission.

To achieve our plan, we expect to need to raise at least

million of capital between the second quarter of 2025 and the end of the 2027 fiscal year, which we hope to do in various tranches

during this time period.

Our current plan, subject to achieving necessary financing, is to begin testing of samples we are

collecting as part of our ongoing SYMON-II clinical trial in mid-2027, with a goal of being in position to submit a 510(k)

regulatory application to the FDA in the fourth quarter of 2027, with an objective of achieving FDA approval as early as the third

quarter of 2028.

Symphony platform is a combination of Bluejay’s intellectual property (“IP”) and exclusively licensed and patented

IP on the Symphony technology that we believe, if cleared, authorized, or approved by the FDA, can provide a solution to a significant

market need in the United States.

The Symphony device is designed to produce laboratory-quality results in 20 minutes in critical care

settings, including Intensive Care Units (“ICUs”) and Emergency Rooms (“ERs”), where rapid and reliable results

are required.

first product candidate, the Symphony IL-6 test, is an immunoassay for the measurement of interleukin-6 (IL-6) to be used for the monitoring

of disease progression in critical care settings.

$20 million of further capital by the end of the 2027 fiscal year, which we hope to do in various tranches.

Our Symphony platform is a combination of Bluejay’s

intellectual property (“IP”) and exclusively licensed and patented IP on the Symphony technology that we believe, if cleared,

authorized, or approved by the FDA, could provide a solution to a significant market need in the United States.

The Symphony device candidate

is designed to produce laboratory-quality results in approximately 20 minutes in critical care settings, including Intensive Care Units

(“ICUs”) and Emergency Rooms (“ERs”), where rapid and reliable results are required.

Our first product candidate, the Symphony IL-6

test, is an immunoassay for the measurement of interleukin-6 (IL-6) to be used for the monitoring of disease progression in critical care

We are currently focused on pursuing the Symphony IL-6 test in the context of sepsis.

IL-6 is a clinically established inflammatory biomarker, and is considered a ‘first-responder,’ for assessment of severity

of infection and inflammation across many disease indications, including sepsis.

A current challenge of healthcare professionals is the

excessive time and cost associated determining a patient’s level of severity at triage and we believe that our Symphony IL-6 test,

if ultimately successful and approved, could have the ability to consistently monitor this critical care biomarker with rapid results.

we succeed with the foregoing plan, in the future we hope to develop additional tests for Symphony, including tests for myocardial infraction

and congestive heart failure (cardiac biomarkers hsTNT and NT pro-BNP) as well as other tests using the Symphony platform.

the future, we also hope to explore new products to support our biomarker detection program.

Furthermore, we intend to explore strategic

opportunities around our pending IP on clinical utilities of IL-6 and the specimen biobanks generated from our SYMON I and SYMON II clinical

operations to date have been funded primarily through the proceeds of (i) our initial public offering (the “IPO”) on November

2021 (the “IPO Date”), (ii) the registered direct offering of common stock and concurrent private placement of warrants that

we completed on August 28, 2023, (iii) the public offering of common stock and warrants that we completed on January 2, 2024, and (iv)

the public offering of common stock and warrants that we completed on June 20, 2024.

Since inception, our operations have resulted in

accumulated deficit of approximately $34.7 million, and for the fiscal year ended December 31, 2024, we incurred operating losses of

approximately $7.2 million.

As described above and elsewhere herein, we expect to need a material amount of additional funding to finance

our operations during the next several years and ultimately commercialize our products, and we do not currently expect to have any sources

of revenue during this period.

were incorporated under the laws of Delaware on March 20, 2015.

IL-6 is a clinically established inflammatory

biomarker, and is considered a ‘first-responder’ for assessment of severity of infection and inflammation across many disease

indications, including sepsis.

A current challenge of healthcare professionals is the excessive time and cost associated with determining

a patient’s level of severity at triage and we believe that our Symphony IL-6 test, if ultimately successful and approved, could

have the ability to consistently monitor this critical care biomarker with rapid results.

We are currently enrolling patients in our SYMON-II

pivotal clinical trial, which is designed to validate findings from our SYMON-I pilot study.

The trial aims to assess the predictive performance

of IL-6 levels in ICU patients for 28-day all-cause mortality.

As of the date of this filing, we have enrolled approximately 583 hospital

patients among a target of 750 patients, and we have collected, frozen and biobanked blood samples from the enrolled patients, while also

obtaining all related patient data regarding their disease progression and outcomes.

We expect to complete patient enrollment in the study

in the summer of 2026.

We are not yet testing the samples because we are simultaneously working with Sanyoseiko to manufacture the cartridges

that will be used in the test, and these cartridges are still being manufactured and verified to ensure that they meet FDA requirements

for submission and commercial production.

Our goal is to produce and verify these cartridges during 2026 and be in position to analyze

the blood samples using our Symphony IL-6 test in the third quarter of 2026, with a goal of being in position to submit a 510(k) regulatory

application to the FDA in 2027 and an objective of achieving FDA clearance thereafter.

If we succeed with the foregoing plan, in the

future we hope to develop additional tests for Symphony, including tests for myocardial infarction and congestive heart failure (cardiac

biomarkers hsTNT and NT pro-BNP) as well as other tests using the Symphony platform.

In the future, we also hope to explore new products

to support our biomarker detection program.

Furthermore, we intend to explore strategic opportunities around our pending IP on clinical

utilities of IL-6 and the specimen biobanks generated from our SYMON I and SYMON II clinical studies.

Our operations to date have been funded primarily

through the proceeds of (i) our initial public offering (the “IPO”) in November 2021, (ii) the registered direct offering

of common stock and concurrent private placement of warrants that we completed in August 2023, (iii) the public offering of common stock

and warrants that we completed in January 2024, (iv) the public offering of common stock and warrants that we completed in June 2024,

(v) the warrant inducement and private placement transaction of common stock and warrants that we completed in April 2025 and (vi) the

private placement of common stock and warrants that we completed in October 2025.

Since inception, our operations have resulted in accumulated

deficit of approximately $41.5 million, and for the fiscal year ended December 31, 2025, we incurred operating losses of approximately

$6.8 million.

As described above and elsewhere herein, we expect to need a material amount of additional funding to finance our operations

during the next several years and ultimately commercialize our products, and we do not currently expect to have any sources of revenue

during this period.

We were incorporated under the laws of Delaware

on March 20, 2015.

Our headquarters is located in Acton, Massachusetts.

June 4, 2021, Bluejay formed Bluejay Spinco, LLC, a wholly owned subsidiary, for purposes of further development of our ALLEREYE diagnostic

ALLEREYE is a point-of-care device offering healthcare providers a solution for diagnosing Allergic Conjunctivitis.

Symphony platform is designed to address a subset of the global in vitro diagnostics devices (“IVDs”) market, with

a focus on targeting critical care markets where physicians must quickly determine patient acuity to identify optimal treatment regimens.

We are currently focused on our initial biomarker test, Symphony IL-6 test, in the context of the evaluation of the risk of mortality

due to sepsis.

We hope in the future to also explore the potential for adding new biomarker tests to the Symphony platform to also be

used in the context of cardio-metabolic diseases, cancer and other diseases that require rapid tests.

Business Model

do not currently have any revenue-generating operations.

Our goal is to become the first provider of rapid tests for critical care settings,

including infectious, inflammatory and metabolic diseases, by leveraging the strengths of our Symphony platform.

We intend to target

our sales and marketing of Symphony to the largest critical care facilities in the United States.

Our planned business model, which is

contingent on us ultimately obtaining market approval and commercializing our Symphony platform, includes the following:

We intend to offer various financing options for the device itself.

As such, our planned business model would not require

customers to incur a significant capital outlay, assuming we are able to successfully offer such financial options.

We intend to sell single-use diagnostic test cartridges, thereby seeking to create a growing and recurring revenue stream,

as adoption and utilization increase, and as we develop tests for additional indications.

We intend that the sale of test cartridges

would generate the majority of our revenue and gross profit.

our Menu of Diagnostic Products .

Our goal would be for the average customer use of the Symphony platform to increase as overall adoption

of the product occurs.

If we are able to achieve market approval in the context of sepsis and then expand our test menu to other diseases

and/or conditions, we hope to be able to increase our annual revenue per customer through the resulting increase in utilization.

Symphony Platform

Symphony platform is a proprietary technology platform that is designed to provide rapid and accurate measurements of key diagnostic

biomarkers found in blood in a manner that we believe is innovative in the market.

Symphony is compact and is designed for the potential

of it to be deployed in a manner that is more mobile than current laboratory diagnostic platforms on the market.

Symphony incorporates

a user-friendly interface where all sample preparation and reagents are integrated into the disposable Symphony cartridges.

only requires a few drops of blood to provide a measurement in approximately 20 minutes.

Symphony analyzer is developed and is designed to orchestrate sample processing (e.g.

whole blood, plasma, serum, etc.), biomarker isolation,

and immunoassay preparation using non-contact centrifugal force.

All necessary reagents and components are integrated into the Symphony

Utilizing precision microchannel technology and high specificity antibodies, liquid samples are processed, and the biomarker

is isolated within the Symphony cartridge.

Intermitted centrifugation cycles enable complex fluid movements, allowing sequential reagent

additions and independent reaction steps inside the Symphony cartridge.

At the conclusion of the test, the Symphony analyzer measures

the fluorescence signature correlating to a highly sensitive quantitation of the biomarker.

perform a Symphony test, the test operator adds the sample (e.g.

The Symphony platform is designed to address a

subset of the global in vitro diagnostics devices (“IVDs”) market, with a focus on targeting critical care markets

where physicians must quickly determine patient acuity to identify optimal treatment regimens.

We are currently focused on our initial

biomarker test, Symphony IL-6 test, in the context of the evaluation of the risk of mortality due to sepsis.

We hope in the future to

also explore the potential for adding new biomarker tests to the Symphony platform to also be used in the context of cardio-metabolic

diseases, cancer and other diseases that require rapid tests.

Our Business Model

We do not currently have any revenue-generating

Our goal is to become the first provider of rapid tests for critical care settings, including infectious, inflammatory and

metabolic diseases, by leveraging the strengths of our Symphony platform.

We intend to target our sales and marketing of Symphony to the

largest critical care facilities in the United States.

Our planned business model, which is contingent on us ultimately obtaining market

clearance and commercializing our Symphony platform, includes the following:

● Financing Model .

intend to offer various financing options for the device itself.

As such, our planned business model would not require customers to incur

a significant capital outlay, assuming we are able to successfully offer such financial options.

● Recurring Revenue .

intend to sell single-use diagnostic test cartridges, thereby seeking to create a growing and recurring revenue stream, as adoption and

utilization increase, and as we develop tests for additional indications.

We intend that the sale of test cartridges would generate the

majority of our revenue and gross profit.

● Expand our Menu of Diagnostic

Our goal would be for the average customer use of the Symphony platform to increase as overall adoption of the product

If we are able to achieve market clearance in the context of sepsis and then expand our test menu to other diseases and/or conditions,

we hope to be able to increase our annual revenue per customer through the resulting increase in utilization.

The Symphony Platform

The Symphony platform is a proprietary technology

platform that is designed to provide rapid and accurate measurements of key diagnostic biomarkers found in blood in a manner that we believe

is innovative in the market.

Symphony is compact and is designed for the potential of it to be deployed in a manner that is more mobile

than current laboratory diagnostic platforms on the market.

Symphony incorporates a user-friendly interface where all sample preparation

and reagents are integrated into the disposable Symphony cartridges.

Symphony only requires a few drops of blood to provide a measurement

in approximately 20 minutes.

The Symphony analyzer is developed and is designed

to orchestrate sample processing (e.g.

whole blood, plasma, serum, etc.), biomarker isolation, and immunoassay preparation using non-contact

centrifugal force.

All necessary reagents and components are integrated into the Symphony cartridges.

Utilizing precision microchannel

technology and high specificity antibodies, liquid samples are processed, and the biomarker is isolated within the Symphony cartridge.

Intermitted centrifugation cycles enable complex fluid movements, allowing sequential reagent additions and independent reaction steps

inside the Symphony cartridge.

At the conclusion of the test, the Symphony analyzer measures the fluorescence signature correlating to

a highly sensitive quantitation of the biomarker.

To perform a Symphony test, the test operator

adds the sample (e.g.

whole blood, plasma, serum, etc.) to the Symphony cartridge.

After scanning

the patient ID, the Symphony cartridge is inserted into the Symphony analyzer and the operator initiates the fully automated test.

analyzer can run up to six cartridges simultaneously, either with six different patient samples or six different tests, providing quantitative

measurements used for improved patient management and clinical decision-making.

current supply agreement of Symphony cartridges from Toray Industries is valid through October 2025, at which point we expect the

agreement to expire.

To date, Bluejay has relied on Toray’s development and manufacturing of the Symphony cartridges.

encountered several technical challenges in the performance and quality of the Symphony cartridges.

We are currently preparing to

transfer the intellectual property underlying production of the cartridges from Toray to an in-house facility for redevelopment.

We are also beginning the process of redeveloping aspects of the cartridges to address several technical challenges to bring our

product to a level consistent with the necessary performance and quality requirements.

To address the technical challenges related

to the Symphony cartridges, we expect the redevelopment work will occur over at least the next year.

In particular, several

individual components in the cartridges need to be replaced and/or validated due to limited supply or discontinuation (including the

antibody used in the cartridge).

In addition, we are working to correct several reliability and stability issues with the cartridge

the cartridge redevelopment is completed, we plan to transfer the manufacturing process to an FDA-registered CMO.

We expect that production

lots for validation testing to support the FDA submission will be available once the transfer to an FDA registered CMO is completed.

At this time, we do not anticipate being able to perform analytical performance validation testing until mid-2027.

After scanning the patient ID, the Symphony cartridge

is inserted into the Symphony analyzer and the operator initiates the fully automated test.

Each analyzer can run up to six cartridges

simultaneously, either with six different patient samples or six different tests, providing quantitative measurements used for improved

patient management and clinical decision-making.

Manufacturing

plan to manufacture our analyzers through Sanyoseiko Co.

(“Sanyoseiko”), as a contract manufacturing organizations (“CMO”),

and we have a contract with Sanyoseiko for this purpose.

redeveloped, we plan to transfer manufacturing of our cartridges to Sanyoseiko, or other suitable CMO.

We currently do not have a contract

for the manufacture of the redeveloped cartridges.

had been selected as our CMO due to their core competencies in manufacturing and quality system recognized by the FDA.

facilities are located in Japan.

We plan to manufacture our analyzers through Sanyoseiko

as a contract manufacturing organizations (“CMO”), and we have entered into a master supply and service agreement governing

these matters with Sanyoseiko.

Pursuant to statements of work that have begun providing to Sanyoseiko under these agreements, Sanyoseiko

will provide end-to-end support for the Symphony platform, including supporting the manufacturing redevelopment process for analyzers

and cartridges (with hardware, software, and design updates), managing raw material sourcing and vendor compliance, and serving as the

Company’s contract manufacturing organization for analyzers, cartridges, and related components.

In this capacity, Sanyoseiko will

oversee fulfillment, kit assembly, labeling, packaging, shipping, and quality control of manufactured products, while also providing regulatory

and quality management support, and equipment storage and maintenance.

Sanyoseiko had been selected as our CMO due to

their core competencies in manufacturing and quality system recognized by the FDA.

Sanyoseiko’s facilities are located in Japan.

We currently license the technology for the Symphony cartridges from Toray.

Our license grants us exclusive

global marketing rights, with the exception of Japan.

Our license grants us exclusive global marketing, sales and

manufacturing rights, with the exception of Japan.

Bluejay holds the rights to manufacture the analyzers.

Regulatory Strategy

current regulatory strategy is designed to support commercialization of Symphony in the United States once we receive marketing authorization

from the FDA.

In May 2023, we submitted a pre-submission application to the FDA presenting study designs to validate Symphony IL-6 for

use with hospitalized sepsis patients.

We participated in a pre-submission meeting with the FDA on August 11, 2023, and at the meeting

the FDA provided feedback on the study design, determined that the submission of a 510(k) is the appropriate premarket submission pathway,

and requested that certain data be provided in the 510(k).

Based on this feedback, we determined to proceed on this basis, which considers

the FDA’s feedback.

the second quarter of 2024, we completed a multicenter SYmphony IL-6 MONitoring Sepsis (“SYMON”) clinical study investigating

the role of interleukin-6 (IL-6) in patients diagnosed with sepsis and septic shock.

This prospective study assessed the performance

of IL-6 upon initial presentation to the intensive care unit (ICU).

A primary analysis of the SYMON-I pilot clinical study (registered

clinical trial number NCT06181604) highlighted that IL-6 levels within 24 hours of sepsis or septic shock diagnosis and admission to

the ICU may predict patient mortality out to 28 days.

Furthermore, a secondary outcome of the SYMON-I study showed that IL-6 levels within

24 hours of sepsis or septic shock diagnosis and admission to the ICU is a predictor of patient mortality during their hospitalization.

Other secondary outcomes showed that lactate and Sequential Organ Failure Assessment (SOFA), standard clinical tests used for sepsis

and septic shock patients, were not predictors of patient mortality out to 28 days.

We believe that the findings underscore the potential

importance of IL-6 as a predictor and provide new insights into the potential pathways for improving sepsis outcomes.

the data analysis from the SYMON-I pilot clinical study, we initiated the SYMON-II pivotal clinical study in the third quarter of 2024.

FDA Regulatory Strategy

The design, development, manufacture, testing

and sale of our products in the U.S.

are subject to regulation by numerous governmental authorities, principally the FDA, and corresponding

state and local regulatory agencies.

Generally, the products we develop must be cleared by the FDA before they are marketed in the United

Before and after approval, authorization, or clearance in the United States, our products are subject to extensive regulation

by the FDA, as well as by other regulatory bodies.

FDA regulations govern, among other things, the development, testing, manufacturing,

labeling, safety, storage, recordkeeping, market clearance, authorization or approval, labeling and promotion, import and export, marketing

and sales, and distribution of medical devices.

Our current regulatory strategy is designed to

support commercialization of Symphony in the United States if and when we receive marketing authorization from the FDA.

In May 2023, we

submitted a pre-submission application to the FDA presenting study designs to validate Symphony IL-6 for use with hospitalized sepsis

We participated in a pre-submission meeting with the FDA in August 2023, and at the meeting the FDA provided feedback on the

study design, determined that the submission of a 510(k) is the appropriate premarket submission pathway, and requested that certain data

be provided in the 510(k).

Based on this feedback, we determined to proceed on this basis, which considers the FDA’s feedback.

In the second quarter of 2024, we completed a

multicenter SYmphony IL-6 MONitoring Sepsis (“SYMON”) clinical study investigating the role of interleukin-6 (IL-6) in patients

diagnosed with sepsis and septic shock.

This prospective study assessed the performance of IL-6 upon initial presentation to the intensive

care unit (ICU).

A primary endpoint of the SYMON-I pilot clinical study (registered clinical trial number NCT06181604) suggested that

IL-6 levels within 24 hours of sepsis or septic shock diagnosis and admission to the ICU may predict patient mortality out to 28 days.

Furthermore, a secondary endpoint of the SYMON-I study suggested that IL-6 levels within 24 hours of sepsis or septic shock diagnosis

and admission to the ICU is a predictor of patient mortality during their hospitalization.

Other secondary endpoints suggested that lactate

and Sequential Organ Failure Assessment (SOFA), standard clinical tests used for sepsis and septic shock patients, were not predictors

of patient mortality out to 28 days.

We believe that the findings underscore the potential importance of IL-6 as a predictor and provide

new insights into the potential pathways for improving sepsis outcomes.

Using the data analysis from the SYMON-I pilot

clinical study, we initiated the SYMON-II pivotal clinical study in the third quarter of 2024.

The SYMON II clinical study has three components:

(1) collection, freezing, and biobanking of patient samples, (2) measuring IL-6 concentrations

in the biobanked samples near the end of patient enrollment or after the patient enrollment has completed, and (3) analysis of the IL-6

data with the patient outcomes to see if the established IL-6 cutoff value has been validated for 28-day all-cause mortality.

enrollment started during the fourth quarter of 2024.

Our goal is to use the Symphony IL-6 test to complete the testing in the SYMON-II

clinical trial.

we are able to complete the SYMON-II clinical study and the results are positive, we intend to use the data generated from SYMON-II to

support a 510(k) application to the FDA.

This application is currently expected to be based on the following intended use:

IL-6 is intended for use to determine the IL-6 concentration as an aid in assessing the cumulative 28-day risk of all-cause mortality

in conjunction with other laboratory findings and clinical assessments for patients diagnosed with sepsis or septic shock in the ICU.”

We also plan to present the SYMON-I and SYMON-II results at future national scientific meetings and publish them in peer-reviewed journals.

Subject to achieving needed funding and successfully addressing the technical challenges that our described above, our goal is to be

in position to submit a 510(k) regulatory application to the FDA in the fourth quarter of 2027, with an objective of achieving FDA approval

as early as the third quarter of 2028.

ability to engage in and complete the activities needed for an FDA submission will be contingent upon us addressing these and other challenges,

including possessing and/or raising sufficient capital, remaining a going concern, and producing product capable of supporting our product

requirements and meeting analytical validation and clinical validation.

and Marketing

such time as Symphony products may be authorized by the FDA, our sales and marketing efforts are intended to focus on brand awareness

and market education to potential customers, emphasizing the value of monitoring a critical care patient’s IL-6 levels to improve

decision making and patient outcomes.

If the device is cleared by the FDA, we intend to target sales to ERs and ICUs at United States

hospitals, as well as to long-term acute care facilities.

We hope to establish a market presence by selling Symphony devices and tests

both directly and through various distribution channels to maximize sales volume and market penetration.

In addition to our hope to sell

Symphony for eventual use in the patient care market, we are also evaluating sales of Symphony devices for “research use only”

depend on Toray’s intellectual property to develop the Symphony cartridges upon which the Symphony platform relies.

6, 2020, we entered into a License and Supply Agreement, as amended (the “License Agreement”), with Toray, providing us with

an exclusive global license with Toray, excluding Japan, to use their patents and know-how related to the Symphony detection cartridges

for the manufacturing, marketing and sale of the products (as defined in the License Agreement).

October 23, 2023, we entered into an Amended and Restated License Agreement (the “New Toray License Agreement”) and a Master

Supply Agreement (the “New Toray Supply Agreement” and, together, the “Toray Agreements”) with Toray.

New Toray License Agreement, we continue to license from Toray intellectual property rights needed to manufacture single-use test cartridges,

and we have received the right to sublicense certain Toray intellectual property to Sanyoseiko in connection with our ongoing agreement

with Sanyoseiko to manufacture our Symphony analyzers and cartridges.

In addition, the New Toray License Agreement provides for the transfer

of certain technology related to the cartridges to Sanyoseiko.

The royalty payments we are required to pay Toray have been reduced under

the New Toray License Agreement from 15% to 7.5% (or less in certain circumstances) of net sales of certain cartridges for a term of

A 50% reduction in the royalty rate applies upon expiry of applicable Toray patents on a product-by-product and country-by-country

The New Toray License Agreement contemplates that applicable royalty payment obligations from us to Toray for other products will

be determined separately in the future.

are currently preparing to transfer the intellectual property and know-how related to the cartridges to an in-house facility for

redevelopment.

After the cartridge redevelopment is completed, we plan to transfer the manufacturing process to an FDA-registered

CMO for validation testing and commercial manufacturing.

We do not currently expect to be able to complete this transfer prior to

the end of 2026, at the earliest.

If Toray were to assert that we have not established a facility to manufacture our cartridges

prior to the expiration of the supply agreement (which is currently expected to occur in October 2025), Toray could assert that we

are in material breach of the license agreement and seek to terminate it as early as November 2025.

If Toray sought to terminate the

license, and was successful in doing so, we would lose access to certain technology required to produce the cartridges that our

Symphony system relies on to function, which would likely result in a material adverse effect on our commercialization

We are in the process of negotiating an agreement with Toray to, among other things, clarify that Toray will not seek to terminate the

license agreement in connection with the expiration of the supply agreement.

Property, Proprietary Technology

the fourth quarter of 2024, we submitted a provisional patent to the U.S.

Patent Office.

The provisional patent is to establish a priority

date to protect certain utilizations of IL-6 with sepsis patients.

We plan to file a Patent Cooperation Treaty (PCT) application in the

fourth quarter of 2025 for the inventions.

do not currently directly hold any granted patents.

We rely on a combination either directly or through the License Agreement with Toray

of patent, copyright, trade secret, trademark, confidentiality agreements, and contractual protection to establish and protect our proprietary

Of these patents we rely on, the protections expire internationally in 2027 and 2028, while Toray patents in the U.S.

on March 18, 2029 and February 22, 2030.

As described above, we are currently working toward a goal of achieving FDA approval of the

Symphony product as early as the third quarter of 2028, which means that even if meet our timeline, the period of time we will have to

commercialize our product under the protection of these patents is expected to be very narrow.

(1) collection, freezing, and biobanking of patient samples, (2) measuring IL-6 concentrations in the biobanked samples near the end of

patient enrollment or after the patient enrollment has completed, and (3) analysis of the IL-6 data with the patient outcomes to see if

the established IL-6 cutoff value has been validated for 28-day all-cause mortality.

Patient enrollment started during the fourth quarter

As of the date of this filing, we have enrolled approximately 583 hospital patients among a target of 750 patients, and we have

collected, frozen and biobanked blood samples from the enrolled patients, while also obtaining all related patient data regarding their

disease progression and outcomes.

We expect to complete patient enrollment in the study in the summer of 2026.

Our goal is to use the

Symphony IL-6 test to complete the testing in the SYMON-II clinical trial.

We are not yet testing the samples because we are simultaneously

working with Sanyoseiko to manufacture the cartridges that will be used in the test, and these cartridges are still being manufactured

and verified to ensure that they meet FDA requirements for submission and commercial production.

Our goal is to produce and verify these

cartridges during 2026.

If we are able to complete the SYMON-II clinical

study and the results are positive, we intend to use the data generated from SYMON-II to support a 510(k) application to the FDA.

application is currently expected to be based on the following intended use:

“Symphony IL-6 is intended for use to determine the

IL-6 concentration as an aid in assessing the cumulative 28-day risk of all-cause mortality in conjunction with other laboratory findings

and clinical assessments for patients diagnosed with sepsis or septic shock in the ICU.” We also plan to present the SYMON-I and

SYMON-II results at future national scientific meetings and publish them in peer-reviewed journals, subject to future completion of the

SYMON-II study and the results being positive.

Subject to achieving needed funding and successfully addressing the manufacturing process

challenges with our cartridges that are described above, our plan is to begin testing of samples we are collecting as part of our SYMON-II

clinical trial by the end of 2026, with a goal of being in position to submit a 510(k) regulatory application to the FDA in 2027, and

an objective of achieving FDA clearance thereafter.

Our ability to engage in and complete the activities

needed for an FDA submission will be contingent upon us addressing the various challenges described herein, including possessing and/or

raising sufficient capital, remaining a going concern, and producing product capable of supporting our product requirements and meeting

analytical validation and clinical validation.

Sales and Marketing

Until such time as Symphony products may be authorized

by the FDA, our sales and marketing efforts are intended to focus on brand awareness and market education to potential customers, emphasizing

the value of monitoring a critical care patient’s IL-6 levels to improve decision making and patient outcomes.

If the device is

cleared by the FDA, we intend to target sales to ERs and ICUs at United States hospitals, as well as to long-term acute care facilities.

We hope to establish a market presence by selling Symphony devices and tests both directly and through various distribution channels to

maximize sales volume and market penetration.

In addition to our hope to sell Symphony for eventual use in the patient care market, we

are also evaluating sales of Symphony devices for “research use only” purposes.

License Agreement

We depend on Toray’s intellectual property

to develop the Symphony cartridges upon which the Symphony platform relies.

On October 6, 2020, we entered into a License and Supply Agreement,

as amended (the “License Agreement”), with Toray, providing us with an exclusive global license with Toray, excluding Japan,

to use their patents and know-how related to the Symphony detection cartridges for the manufacturing, marketing and sale of the products

(as defined in the License Agreement).

On October 23, 2023, we entered into an Amended

and Restated License Agreement (the “New Toray License Agreement”) and a Master Supply Agreement (the “New Toray Supply

Agreement”) with Toray.

Under the New Toray License Agreement, we continue to license from Toray intellectual property rights needed

to manufacture single-use test cartridges, and we have received the right to sublicense certain Toray intellectual property to Sanyoseiko

in connection with our ongoing agreement with Sanyoseiko to manufacture our Symphony analyzers and cartridges (including in connection

with the Company’s clinical trials).

In addition, the New Toray License Agreement provided for the transfer of certain technology

related to the cartridges to Sanyoseiko.

The royalty payments we are required to pay Toray were reduced under the New Toray License Agreement

from 15% to 7.5% (or less in certain circumstances) of net sales of certain cartridges for a term of 10 years.

A 50% reduction in the

royalty rate applies upon expiry of applicable Toray patents on a product-by-product and country-by-country basis.

A 50% reduction in

the royalty rate applies upon expiry of applicable Toray patents on a product-by-product and country-by-country basis.

The New Toray License

Agreement contemplates that applicable royalty payment obligations from us to Toray for other products will be determined separately in

On July 23, 2025, we entered into an amendment

(the “Amendment”) to the New Toray License Agreement and the New Toray Supply Agreement with Toray.

The Amendment provided

that the deadline under the New Toray License Agreement for us to establish an alternative manufacturing site for our Symphony cartridges

would be extended from October 23, 2025 to October 23, 2026, and we have agreed to use our best efforts to establish the site by such

The Amendment confirms that Toray has provided to us all applicable know-how required under the New Toray License Agreement and

is not under any further obligation to provide know-how or technical assistance to us.

Pursuant to the Amendment, we paid $71,212 to Toray

for a final supply of certain chip components prior to the expiration of the New Toray Supply Agreement, which occurred on October 23,

We have begun cartridge manufacturing process

through Sanyoseiko, a third-party contractor who is managing such process modifications.

Such modifications are intended to address several

manufacturing challenges to bring Symphony to a level consistent with necessary performance and quality requirements for regulatory submission

and commercialization.

After the cartridge manufacturing process modification is completed, we plan to have the manufacturing process

occur at Sanyoseiko, a FDA-registered CMO, including verification and validation testing and commercial manufacturing.

The manufacturing

site will be established by us without Toray’s technical assistance.

If Toray were to assert that we have not used our best efforts

to establish the cartridge manufacturing site by October 2026, they could seek to terminate the license agreement as early as November

If Toray were to be successful in terminating the license agreement, we would lose access to certain technology required to produce

the cartridges that the Symphony system relies on to function, which would likely result in a material adverse effect on our commercialization

Intellectual Property, Proprietary Technology

In the fourth quarter of 2024, the Company filed

a provisional patent application with the U.S.

Patent and Trademark Office to establish a priority date related to certain utilizations

of interleukin-6 (IL-6) in sepsis patients.

After further evaluation of the scope, patentability, and potential commercial relevance of

the subject matter, the Company determined that the provisional application was unlikely to result in patent protection that would be

material to its business.

As a result, the Company has elected not to pursue conversion of the provisional application or to file a corresponding

Patent Cooperation Treaty (PCT) application.

This decision reflects the Company’s disciplined approach to capital allocation and

its focus on deploying resources toward intellectual property and development activities that are expected to provide meaningful strategic

and commercial value.

We do not currently directly hold any granted

We rely on a combination either directly or through the License Agreement with Toray of patent, copyright, trade secret, trademark,

confidentiality agreements, and contractual protection to establish and protect our proprietary rights.

Of these patents we rely on, the

protections expire internationally in 2027 and 2028, while Toray patents in the U.S.

expire on March 18, 2029 and February 22, 2030.

described above, we are currently working toward a goal of being in position to submit a 510(k) regulatory application to the FDA in 2027

with an objective of achieving FDA clearance sometime thereafter, which means that even if meet our timeline, the period of time we will

have to commercialize our product under the protection of these patents is expected to be very narrow.

See Part I, Item 1A.

Risk Factors –

“ We and Toray may be unable to protect or enforce the intellectual property rights licensed to us, which could impair our competitive

connection with prior development work performed by Bluejay, we plan to apply for patent protections related to certain design improvements

made to the Symphony technology platform.

are currently no FDA cleared or approved IL-6 tests on the market.

There are IL-6 tests granted FDA Emergency Use Authorization (EUA)

for use with only COVID-19 patients, including the Roche Cobas ® , Siemens ADVIA Centaur ® and Beckman Coulter

Access 2 ® , which are laboratory size equipment and require pre-processing of whole blood prior to performing their test.

We believe that Symphony, which is designed for many liquid sample types including whole blood, provides us with a substantial competitive

advantage over our existing competition that will sustain through commercialization, despite the major life science companies and consistent

entry of innovative start-ups that define our competitive landscape.

design, development, manufacture, testing and sale of our products in the U.S.

are subject to regulation by numerous governmental authorities,

principally the FDA, and corresponding state and local regulatory agencies.

the products we develop must be cleared by the FDA before they are marketed in the United States.

Before and after approval, authorization,

or clearance in the United States, our products are subject to extensive regulation by the FDA, as well as by other regulatory bodies.

FDA regulations govern, among other things, the development, testing, manufacturing, labeling, safety, storage, recordkeeping, market

clearance, authorization or approval, advertising and promotion, import and export, marketing and sales, and distribution of medical

devices, including IVDs.

IVDs are a type of medical device and include reagents and instruments used in the diagnosis or detection of

diseases, conditions or infections, including, without limitation, the presence of certain chemicals or other biomarkers.

prognostic and screening tests can also be IVDs.

the United States, medical devices are subject to varying degrees of regulatory control and are classified in one of three classes depending

on the extent of controls the FDA determines are necessary to reasonably ensure their safety and effectiveness:

general controls, such as labeling and adherence to quality system regulations;

special controls, premarket notification (often referred to as a 510(k)), specific controls such as performance standards, patient

registries, post-market surveillance, additional controls such as labeling and adherence to quality system regulations;

special controls and requires a premarket approval (“PMA”).

Premarket Clearance and Approval Requirements

an exemption applies, each medical device commercially distributed in the United States requires either FDA clearance of a 510(k) premarket

notification, approval of a de novo application, or approval of a premarket approval (PMA).

most Class I devices are exempt from the 510(k) premarket notification requirement, manufacturers of most Class II devices

are required to submit to the FDA a premarket notification under Section 510(k) of the FDCA requesting permission to commercially

distribute the device.

The FDA’s permission to commercially distribute a device subject to a 510(k) premarket notification is generally

known as 510(k) clearance.

Devices deemed by the FDA to pose the greatest risks, such as life sustaining, life supporting or some implantable

devices, or devices that have a new intended use, or use advanced technology that is not substantially equivalent to that of a legally

marketed device, are placed in Class III, requiring approval of a PMA.

Some pre-amendment devices are unclassified, but are subject

to FDA’s premarket notification and clearance process in order to be commercially distributed.

Our initial product is a Class II

device subject to 510(k) clearance.

Clearance Marketing Pathway

obtain 510(k) clearance, a company must submit to the FDA a premarket notification submission demonstrating that the proposed device

is “substantially equivalent” to a predicate device already on the market.

A predicate device is a legally marketed device

that is not subject to PMA, i.e., a device that was legally marketed prior to May 28, 1976 (pre-amendments device) and for which

a PMA is not required, a device that has been reclassified from Class III to Class II or I, or a device that was found substantially

equivalent through the 510(k) process.

The FDA’s 510(k) clearance process usually takes from three to twelve months, but often

takes longer.

The FDA may require additional information, including clinical data, to make a determination regarding substantial equivalence.

In addition, the FDA collects user fees for certain medical device submissions and annual fees for medical device establishments.

a device receives 510(k) marketing clearance, any modification that could significantly affect its safety or effectiveness, or that would

constitute a major change or modification in its intended use, will require a new 510(k) clearance or, depending on the modification,

PMA approval.

The FDA requires each manufacturer to determine whether the proposed change requires submission of a 510(k) or a PMA in

the first instance, but the FDA can review any such decision and disagree with a manufacturer’s determination.

If the FDA disagrees

with a manufacturer’s determination, the FDA can require the manufacturer to cease marketing and/or request the recall of the modified

device until 510(k) marketing clearance or PMA approval is obtained.

Also, in these circumstances, the manufacturer may be subject to

significant regulatory fines or penalties.

Novo Classification

of a new type that FDA has not previously classified based on risk are automatically classified into Class III by operation of section

513(f)(1) of the FDCA, regardless of the level of risk they pose.

To avoid requiring PMA review of low- to moderate-risk devices classified

in Class III by operation of law, Congress enacted section 513(f)(2) of the FDCA.

This provision allows FDA to classify a low- to moderate-risk

device not previously classified into Class I or II.

After de novo authorization, an authorized device may be used as a predicate for

future devices going through the 510(k) process.

FDA has classified Symphony as de novo, a device of a new type that the FDA has not previously classified.

Once obtained, a de novo authorization

may lead to Symphony’s use as a predicate for future devices going through the 510(k) process.

trials are often required for a de novo authorization.

All clinical investigations of devices to determine safety and effectiveness must

be conducted in accordance with the FDA’s IDE regulations which govern investigational device labeling, prohibit promotion of the

investigational device, and specify an array of recordkeeping, reporting and monitoring responsibilities of study sponsors and study

investigators.

If the device presents a “significant risk,” to human health, as defined by the FDA, the FDA requires the

device sponsor to submit an IDE application to the FDA, which must become effective prior to commencing human clinical trials.

A significant

risk device is one that presents a potential for serious risk to the health, safety or welfare of a patient and either is implanted,

used in supporting or sustaining human life, substantially important in diagnosing, curing, mitigating or treating disease or otherwise

preventing impairment of human health, or otherwise presents a potential for serious risk to a subject.

An IDE application must be supported

by appropriate data, such as animal and laboratory test results, showing that it is safe to test the device in humans and that the testing

protocol is scientifically sound.

The IDE will automatically become effective 30 days after receipt by the FDA unless the FDA notifies

the company that the investigation may not begin.

If the FDA determines that there are deficiencies or other concerns with an IDE for

which it requires modification, the FDA may permit a clinical trial to proceed under a conditional approval.

addition, the study must be approved by, and conducted under the oversight of, an Institutional Review Board (IRB) for each clinical

The IRB is responsible for the initial and continuing review of the IDE study and may pose additional requirements for the conduct

of the study.

If an IDE application is approved by the FDA and one or more IRBs, human clinical trials may begin at a specific number

of investigational sites with a specific number of patients, as approved by the FDA.

If the device presents a non-significant risk to

the patient, a sponsor may begin the clinical trial after obtaining approval for the trial by one or more IRBs without separate approval

from the FDA, but must still follow abbreviated IDE requirements, such as monitoring the investigation, ensuring that the investigators

obtain informed consent, and labeling and record-keeping requirements.

Acceptance of an IDE application for review does not guarantee

that the FDA will allow the IDE to become effective and, if it does become effective, the FDA may or may not determine that the data

derived from the trials support the safety and effectiveness of the device or warrant the continuation of clinical trials.

An IDE supplement

must be submitted to, and approved by, the FDA before a sponsor or investigator may make a change to the investigational plan that may

affect its scientific soundness, study plan or the rights, safety or welfare of human subjects.

a study, the sponsor is required to comply with the applicable FDA requirements, including, for example, trial monitoring, selecting

clinical investigators and providing them with the investigational plan, ensuring IRB review, adverse event reporting, record keeping

and prohibitions on the promotion of investigational devices or on making safety or effectiveness claims for them.

The clinical investigators

in the clinical study are also subject to FDA regulations and must obtain patient informed consent, rigorously follow the investigational

plan and study protocol, control the disposition of the investigational device, and comply with all reporting and recordkeeping requirements.

Additionally, after a trial begins, we, the FDA or the IRB could suspend or terminate a clinical trial at any time for various reasons,

including a belief that the risks to study subjects outweigh the anticipated benefits.

of applicable clinical trials of devices also are required to register with www.clinicaltrials.gov, a public database of clinical

trial information.

Information related to the device, patient population, phase of investigation, study sites and investigators and other

aspects of the clinical trial is made public as part of the registration.

Although the FDA’s Quality System Regulation (QSR) does

not fully apply to investigational devices, the requirement for controls on design and development does apply.

a device is cleared or approved for marketing, numerous and pervasive regulatory requirements continue to apply.

– “ We and Toray may be unable to protect or enforce the intellectual property rights licensed to us, which could impair

our competitive position.

In connection with prior development work performed

by Bluejay, we plan to apply for patent protections related to certain design improvements made to the Symphony technology platform.

There are currently no FDA cleared or approved

IL-6 tests on the market.

There are IL-6 tests granted under FDA Emergency Use Authorization (EUA) for use with only COVID-19 patients,

including the Roche Cobas ® , Siemens ADVIA Centaur ® and Beckman Coulter Access 2 ® , which are

central laboratory size equipment and require pre-processing of whole blood prior to performing their test.

We believe that Symphony,

which is designed for many liquid sample types including whole blood, provides us with a substantial competitive advantage over the existing

competition that will sustain through commercialization, despite the major life science companies and consistent entry of innovative start-ups

that define our competitive landscape.

Government Regulation

The design, development, manufacture, testing

and sale of our products in the U.S.

are subject to regulation by numerous governmental authorities, principally the FDA, and corresponding

state and local regulatory agencies.

FDA Regulation

Medical Devices

Generally, the products we develop must be cleared

by the FDA before they are marketed in the United States.

Before and after approval, authorization, or clearance in the United States,

our products are subject to extensive regulation by the FDA, as well as by other regulatory bodies.

FDA regulations govern, among other

things, the development, testing, manufacturing, labeling, safety, storage, recordkeeping, market clearance, authorization or approval,

advertising and promotion, import and export, marketing and sales, and distribution of medical devices, including IVDs.

IVDs are a type

of medical device and include reagents and instruments used in the diagnosis or detection of diseases, conditions or infections, including,

without limitation, the presence of certain chemicals or other biomarkers.

Predictive, prognostic and screening tests can also be IVDs.

In the United States, medical devices are subject

to varying degrees of regulatory control and are classified in one of three classes depending on the extent of controls the FDA determines

are necessary to reasonably ensure their safety and effectiveness:

general controls,

such as labeling and adherence to quality system regulations;

special controls,

premarket notification (often referred to as a 510(k)), specific controls such as performance standards, patient registries, post-market

surveillance, additional controls such as labeling and adherence to quality system regulations;

special controls

and requires a premarket approval (“PMA”).

FDA Premarket Clearance and Approval Requirements

Unless an exemption applies, each medical device

commercially distributed in the United States requires either FDA clearance of a 510(k) premarket notification, approval of a de novo

application, or approval of a premarket approval (PMA).

While most Class I devices are exempt from

the 510(k) premarket notification requirement, manufacturers of most Class II devices are required to submit to the FDA a premarket

notification under Section 510(k) of the FDCA requesting permission to commercially distribute the device.

The FDA’s permission

to commercially distribute a device subject to a 510(k) premarket notification is generally known as 510(k) clearance.

Devices deemed

by the FDA to pose the greatest risks, such as life sustaining, life supporting or some implantable devices, or devices that have a new

intended use, or use advanced technology that is not substantially equivalent to that of a legally marketed device, are placed in Class III,

requiring approval of a PMA.

Some pre-amendment devices are unclassified, but are subject to FDA’s premarket notification and clearance

process in order to be commercially distributed.

Our initial product is a Class II device subject to 510(k) clearance.

510(k) Clearance Marketing Pathway

To obtain 510(k) clearance, a company must submit

to the FDA a premarket notification submission demonstrating that the proposed device is “substantially equivalent” to a predicate

device already on the market.

A predicate device is a legally marketed device that is not subject to PMA, i.e., a device that was legally

marketed prior to May 28, 1976 (pre-amendments device) and for which a PMA is not required, a device that has been reclassified from

Class III to Class II or I, or a device that was found substantially equivalent through the 510(k) process.

510(k) clearance process usually takes from three to twelve months, but often takes longer.

The FDA may require additional information,

including clinical data, to make a determination regarding substantial equivalence.

In addition, the FDA collects user fees for certain

medical device submissions and annual fees for medical device establishments.

After a device receives 510(k) marketing clearance,

any modification that could significantly affect its safety or effectiveness, or that would constitute a major change or modification

in its intended use, will require a new 510(k) clearance or, depending on the modification, PMA approval.

The FDA requires each manufacturer

to determine whether the proposed change requires submission of a 510(k) or a PMA in the first instance, but the FDA can review any such

decision and disagree with a manufacturer’s determination.

If the FDA disagrees with a manufacturer’s determination, the FDA

can require the manufacturer to cease marketing and/or request the recall of the modified device until 510(k) marketing clearance or PMA

approval is obtained.

Also, in these circumstances, the manufacturer may be subject to significant regulatory fines or penalties.

De Novo Classification

Devices of a new type that FDA has not previously

classified based on risk are automatically classified into Class III by operation of section 513(f)(1) of the FDCA, regardless of the

level of risk they pose.

To avoid requiring PMA review of low- to moderate-risk devices classified in Class III by operation of law, Congress

enacted section 513(f)(2) of the FDCA.

This provision allows FDA to classify a low- to moderate-risk device not previously classified

into Class I or II.

After de novo authorization, an authorized device may be used as a predicate for future devices going through the

510(k) process.

The FDA has classified Symphony as de novo, a

device of a new type that the FDA has not previously classified.

Once obtained, a de novo authorization may lead to Symphony’s use

as a predicate for future devices going through the 510(k) process.

Clinical Trials

Clinical trials are often required for a de novo

authorization.

All clinical investigations of devices to determine safety and effectiveness must be conducted in accordance with the FDA’s

IDE regulations which govern investigational device labeling, prohibit promotion of the investigational device, and specify an array of

recordkeeping, reporting and monitoring responsibilities of study sponsors and study investigators.

If the device presents a “significant

risk,” to human health, as defined by the FDA, the FDA requires the device sponsor to submit an IDE application to the FDA, which

must become effective prior to commencing human clinical trials.

A significant risk device is one that presents a potential for serious

risk to the health, safety or welfare of a patient and either is implanted, used in supporting or sustaining human life, substantially

important in diagnosing, curing, mitigating or treating disease or otherwise preventing impairment of human health, or otherwise presents

a potential for serious risk to a subject.

An IDE application must be supported by appropriate data, such as animal and laboratory test

results, showing that it is safe to test the device in humans and that the testing protocol is scientifically sound.

The IDE will automatically

become effective 30 days after receipt by the FDA unless the FDA notifies the company that the investigation may not begin.

determines that there are deficiencies or other concerns with an IDE for which it requires modification, the FDA may permit a clinical

trial to proceed under a conditional approval.

In addition, the study must be approved by, and

conducted under the oversight of, an Institutional Review Board (IRB) for each clinical site.

The IRB is responsible for the initial and

continuing review of the IDE study and may pose additional requirements for the conduct of the study.

If an IDE application is approved

by the FDA and one or more IRBs, human clinical trials may begin at a specific number of investigational sites with a specific number

of patients, as approved by the FDA.

If the device presents a non-significant risk to the patient, a sponsor may begin the clinical trial

after obtaining approval for the trial by one or more IRBs without separate approval from the FDA, but must still follow abbreviated IDE

requirements, such as monitoring the investigation, ensuring that the investigators obtain informed consent, and labeling and record-keeping

requirements.

Acceptance of an IDE application for review does not guarantee that the FDA will allow the IDE to become effective and,

if it does become effective, the FDA may or may not determine that the data derived from the trials support the safety and effectiveness

of the device or warrant the continuation of clinical trials.

An IDE supplement must be submitted to, and approved by, the FDA before

a sponsor or investigator may make a change to the investigational plan that may affect its scientific soundness, study plan or the rights,

safety or welfare of human subjects.

During a study, the sponsor is required to comply

with the applicable FDA requirements, including, for example, trial monitoring, selecting clinical investigators and providing them with

the investigational plan, ensuring IRB review, adverse event reporting, record keeping and prohibitions on the promotion of investigational

devices or on making safety or effectiveness claims for them.

The clinical investigators in the clinical study are also subject to FDA

regulations and must obtain patient informed consent, rigorously follow the investigational plan and study protocol, control the disposition

of the investigational device, and comply with all reporting and recordkeeping requirements.

Additionally, after a trial begins, we, the

FDA or the IRB could suspend or terminate a clinical trial at any time for various reasons, including a belief that the risks to study

subjects outweigh the anticipated benefits.

Sponsors of applicable clinical trials of devices

also are required to register with www.clinicaltrials.gov, a public database of clinical trial information.

Information related to

the device, patient population, phase of investigation, study sites and investigators and other aspects of the clinical trial is made

public as part of the registration.

Although the FDA’s Quality System Regulation (QSR) does not fully apply to investigational devices,

the requirement for controls on design and development does apply.

Post-market Regulation

After a device is cleared or approved for marketing,

numerous and pervasive regulatory requirements continue to apply.

These include:

● establishment

registration and device listing with the FDA;

requirements, which require manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation

and other quality assurance procedures during all aspects of the design and manufacturing process;

regulations and FDA prohibitions against the promotion of investigational products, or the promotion of “off-label”

uses of cleared or approved products;

related to promotional activities;

or approval of product modifications to 510(k)-cleared devices that could significantly affect safety or effectiveness or that would

constitute a major change in intended use of one of our cleared devices, or approval of certain modifications to PMA-approved devices;

device reporting regulations, which require that a manufacturer report to the FDA if a device it markets may have caused or contributed

to a death or serious injury, or has malfunctioned and the device or a similar device that it markets would be likely to cause or

contribute to a death or serious injury, if the malfunction were to recur;

removal and recall reporting regulations, which require that manufacturers report to the FDA field corrections and product recalls

or removals if undertaken to reduce a risk to health posed by the device or to remedy a violation of the FDCA that may present a

risk to health;

FDA’s recall authority, whereby the agency can order device manufacturers to recall from the market a product that is in violation

of governing laws and regulations;

surveillance activities and regulations, which apply when deemed by the FDA to be necessary to protect the public health or to provide

additional safety and effectiveness data for the device.

we have a commercialized product, our manufacturing processes will be required to comply with the applicable portions of the QSR, which

cover the methods and the facilities and controls for the design, manufacture, testing, production, processes, controls, quality assurance,

labeling, packaging, distribution, installation and servicing of finished devices intended for human use.

The QSR also requires, among

other things, maintenance of a device master file, device history file, and complaint files.

As a manufacturer, we are subject to periodic

scheduled or unscheduled inspections by the FDA.

Our failure to maintain compliance with the QSR requirements could result in the shut-down

of, or restrictions on, our manufacturing operations and the recall or seizure of our products, which would have a material adverse effect

on our business.

The discovery of previously unknown problems with any of our products, including unanticipated adverse events or adverse

events of increasing severity or frequency, whether resulting from the use of the device within the scope of its clearance or off-label

by a physician in the practice of medicine, could result in restrictions on the device, including the removal of the product from the

market or voluntary or mandatory device recalls.

FDA has broad regulatory compliance and enforcement powers.

If the FDA determines that we failed to comply with applicable regulatory

requirements, it can take a variety of compliance or enforcement actions, which may result in any of the following sanctions:

letters, warning letters, fines, injunctions, consent decrees and civil penalties;

unanticipated

expenditures to address or defend such actions;

notifications or repair, replacement, refunds, recall, detention or seizure of our products;

restrictions, partial suspension or total shutdown of production;

or delaying our requests for regulatory approvals or clearances of new products or modified products;

to grant export approval for our products;

of March 21, 2025, we have 7 full-time employees, which includes two executive officers.

We also contract with several consultants

and contractors performing finance, accounting, regulatory advisory, investor relations and manufacturing scale-up support.

costs, our President and Chief Executive Officer serves as our principal financial and accounting officer, in addition to being our principal

executive officer.

In addition, we do not employ any internal legal personnel.

None of our employees are represented by labor unions

or covered by collective bargaining agreements.

Stock Splits and Increase to Authorized Capital

July 24, 2023, we effected the first reverse stock split of our shares of common stock at a ratio of 1-for-20 (the “July 2023 Reverse

Stock Split”).

On June 20, 2024, we effected a second reverse stock split of our shares of common stock at a ratio of 1-for-8 (the

“June 2024 Reverse Stock Split”).

On November 18, 2024, we effected a third reverse stock split of our shares of common stock

at a ratio of 1-for-50 (the “November 2024 Reverse Stock Split” and together with the July 2023 Reverse Stock Split and the

June 2024 Reverse Stock Split, the “Reverse Stock Splits”).

As such, collectively, the Company’s common stock has undergone

reverse stock splits that have combined the shares on a 1-for-8,000 aggregate basis since July 2023.

The Reverse Stock Splits became

effective on the dates noted above, when the Company’s common stock opened for trading on Nasdaq on a post-split basis under the

Company’s existing trading symbol, “BJDX.” All historical share and per share amounts reflected throughout this Form

10-K have been adjusted to reflect the Reverse Stock Splits.

However, our periodic and current reports, and all other documents incorporated

by reference into this Form 10-K that were filed prior to the dates noted above, do not give effect to the applicable Reverse Stock Splits.

October 23, 2024, the stockholders of the Company approved and adopted an amendment to the Company’s amended and restated certificate

of incorporation, to increase the number of authorized shares of the Company’s Common Stock to 250,000,000.

principal executive offices are located at 360 Massachusetts Avenue, Suite 203, Acton, MA 01720 and our telephone number is (844) 327-7078.

● establishment registration

and device listing with the FDA;

● QSR requirements, which require

manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and other quality assurance

procedures during all aspects of the design and manufacturing process;

● labeling regulations and FDA

prohibitions against the promotion of investigational products, or the promotion of “off-label” uses of cleared or approved

● requirements related to promotional

● clearance or approval of product

modifications to 510(k)-cleared devices that could significantly affect safety or effectiveness or that would constitute a major change

in intended use of one of our cleared devices, or approval of certain modifications to PMA-approved devices;

● medical device reporting regulations,

which require that a manufacturer report to the FDA if a device it markets may have caused or contributed to a death or serious injury,

or has malfunctioned and the device or a similar device that it markets would be likely to cause or contribute to a death or serious

injury, if the malfunction were to recur;

● correction, removal and recall

reporting regulations, which require that manufacturers report to the FDA field corrections and product recalls or removals if undertaken

to reduce a risk to health posed by the device or to remedy a violation of the FDCA that may present a risk to health;

● the FDA’s recall authority,

whereby the agency can order device manufacturers to recall from the market a product that is in violation of governing laws and regulations;

● post-market surveillance activities

and regulations, which apply when deemed by the FDA to be necessary to protect the public health or to provide additional safety and

effectiveness data for the device.

Once we have a commercialized product, our manufacturing

processes will be required to comply with the applicable portions of the QSR, which cover the methods and the facilities and controls

for the design, manufacture, testing, production, processes, controls, quality assurance, labeling, packaging, distribution, installation

and servicing of finished devices intended for human use.

The QSR also requires, among other things, maintenance of a device master file,

device history file, and complaint files.

As a manufacturer, we are subject to periodic scheduled or unscheduled inspections by the FDA.

Our failure to maintain compliance with the QSR requirements could result in the shut-down of, or restrictions on, our manufacturing operations

and the recall or seizure of our products, which would have a material adverse effect on our business.

The discovery of previously unknown

problems with any of our products, including unanticipated adverse events or adverse events of increasing severity or frequency, whether

resulting from the use of the device within the scope of its clearance or off-label by a physician in the practice of medicine, could

result in restrictions on the device, including the removal of the product from the market or voluntary or mandatory device recalls.

The FDA has broad regulatory compliance and enforcement

If the FDA determines that we failed to comply with applicable regulatory requirements, it can take a variety of compliance or

enforcement actions, which may result in any of the following sanctions:

● untitled letters, warning letters,

fines, injunctions, consent decrees and civil penalties;

● unanticipated expenditures

to address or defend such actions;

● customer notifications or repair,

replacement, refunds, recall, detention or seizure of our products;

● operating restrictions, partial

suspension or total shutdown of production;

● refusing or delaying our requests

for regulatory approvals or clearances of new products or modified products;

● refusal to grant export approval

for our products;

● criminal prosecution.

Exploratory Artificial Intelligence Integration Initiative

The Company is pursuing an exploratory strategic initiative to evaluate

the potential integration of artificial intelligence (“AI”) capabilities into its Symphony™ platform.

This initiative

is intended to assess whether advanced analytics may enhance the clinical interpretation of biomarker data, including IL-6 measurements,

and support the development of models related to sepsis risk stratification and patient outcomes.

This initiative remains in the evaluation

stage, and the Company has not entered into any definitive agreements related to AI integration.

Any development activities are expected

to be conducted in a phased and disciplined manner, with attention to data integrity, clinical validation, regulatory considerations,

and capital allocation priorities.

There can be no assurance that this exploratory initiative will result in a commercial product, regulatory

authorization, revenue generation, or strategic collaboration.

As of March 2, 2026, we have 6 full-time

employees, which includes one executive officer.

We also contract with several consultants and contractors performing finance, accounting,

regulatory advisory, investor relations and manufacturing scale-up support.

To conserve costs, our President and Chief Executive Officer

serves as our principal financial and accounting officer, in addition to being our principal executive officer.

In addition, we do not

employ any internal legal personnel.

None of our employees are represented by labor unions or covered by collective bargaining agreements.

Reverse Stock Splits and Increase to Authorized

On July 24, 2023, we effected the first reverse

stock split of our shares of common stock at a ratio of 1-for-20 (the “July 2023 Reverse Stock Split”).

On June 20, 2024,

we effected a second reverse stock split of our shares of common stock at a ratio of 1-for-8 (the “June 2024 Reverse Stock Split”).

On November 18, 2024, we effected a third reverse stock split of our shares of common stock at a ratio of 1-for-50 (the “November

2024 Reverse Stock Split”).

On January 29, 2026, we effected a fourth reverse stock split of our shares of common stock at a ratio

of 1-for-4 (the “January 2026 Reverse Stock Split” and together with the July 2023 Reverse Stock Split, the June 2024 Reverse

Stock Split and the November 2024 Reverse Stock Split, the “Reverse Stock Splits”).

As such, collectively, the Company’s

common stock has undergone reverse stock splits that have combined the shares on a 1-for-32,000 aggregate basis since July 2023.

of the Reverse Stock Splits were undertaken because the trading price of our common stock had fallen below the $1.00 per share minimum

price that is required to maintain listing on Nasdaq, and the Company desired to maintain the common stock’s Nasdaq listing.

Reverse Stock Splits became effective in the months noted above, when the Company’s common stock opened for trading on Nasdaq on

a post-split basis under the Company’s existing trading symbol, “BJDX.” All historical share and per share amounts reflected

throughout this Form 10-K have been adjusted to reflect the Reverse Stock Splits.

However, our periodic and current reports, and all other

documents incorporated by reference into this Form 10-K that were filed prior to the dates noted above, do not give effect to the applicable

Reverse Stock Splits.

On October 23, 2024, the stockholders of the Company

approved and adopted an amendment to the Company’s amended and restated certificate of incorporation, to increase the number of

authorized shares of the Company’s Common Stock to 250,000,000.

At the Company’s annual meeting of stockholders

on June 18, 2025, the Company’s stockholders provided the Company’s board of directors with authority to implement the January

2026 Reverse Stock Split, as well as an additional reverse stock split at a ratio of up to 1-for-20 (the “Additional Reverse Stock

The Additional Reverse Stock Split may not be implemented if it would reduce the number of publicly held shares of the

Company’s common stock to less than 500,000.

The Board’s authority to implement the Additional Reverse Stock expires on June

Available Information

Our principal executive offices are located at

360 Massachusetts Avenue, Suite 203, Acton, MA 01720 and our telephone number is (844) 327-7078.

Our website address is www.bluejaydx.com.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K

and all amendments to those reports, proxy statements and other information about us are made available, free of charge, through the

Securities and Exchange Commission (“SEC”) Filings section of our website at www.ir.bluejaydx.com/financial-information/sec-filings

and at the SEC’s website at www.sec.gov as soon as reasonably practicable after such material is electronically filed with or furnished

We include our website address in this report only as an inactive textual reference and do not intend it to be an active

link to our website.

The contents of our website are not incorporated into this report.

addition, our Board of Directors has adopted a written Code of Business Conduct and Ethics applicable to all officers, directors and

employees, which is available through the “Governance Overview” section of our website at www.ir.bluejaydx.com/corporate-governance/governance-overview.

We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of the

Code of Business Conduct and Ethics and by posting such information on the website address and location specified above.

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports, proxy

statements and other information about us are made available, free of charge, through the Securities and Exchange Commission (“SEC”)

Filings section of our website at www.ir.bluejaydx.com/financial-information/sec-filings and at the SEC’s website at www.sec.gov

as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.

We include our website address

in this report only as an inactive textual reference and do not intend it to be an active link to our website.

The contents of our website

are not incorporated into this report.

In addition, our Board of Directors has adopted

a written Code of Business Conduct and Ethics applicable to all officers, directors and employees, which is available through the “Governance

Overview” section of our website at www.ir.bluejaydx.com/corporate-governance/governance-overview.

We intend to satisfy the disclosure

requirement under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of the Code of Business Conduct and Ethics

and by posting such information on the website address and location specified above.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business