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Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business, include forward-looking statements that involve risks and uncertainties.
−Removed: As a result of many factors, including those factors set forth in the “Risk Factors” section in our Annual Report on Form 10-K for the year ended December 31, 2025, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
+Added: As a result of many factors, including those factors set forth in the “Risk Factors” section in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
We are a late-stage clinical biopharmaceutical company focused on the discovery and development of drugs for the treatment of cancer.
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Additionally, a Phase 1 investigator-initiated study conducted by the University of Wisconsin-Madison of iopofosine in combination with external beam radiation in patients with recurrent head and neck cancer has also been completed.
+Added: The Company is currently in the process of launching a Phase 3 randomized confirmatory study in WM with iopofosine.
● CLR 125, an Auger-emitting PRC, utilizes iodine-125 as its radiation source and has been observed to show tolerability with minimal toxicities in animal models.
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Food and Drug Administration (FDA) for the accelerated approval of iopofosine I 131 as a treatment for WM.
−Removed: See Recent Developments below.
The CLOVER-1 Phase 2 study of iopofosine, conducted in r/r B-cell malignancies, met the primary efficacy endpoints from the Part A dose-finding portion.
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The overall response rate (ORR) in evaluable patients was 83.6%, and 98.2% of patients experienced disease control.
−Removed: Responses were durable, with median duration of response not reached at 11.4 months of follow-up and 76% of patients remaining progression free at a median follow-up of eight months.
+Added: Responses were durable, with median duration of response of 17.8 months and a median of progression free survival of 13.5 months.
These outcomes exceed historic real world data which demonstrate a 4-12% MRR and a duration of response of approximately six months or less despite continuous treatment in a patient population that is less pretreated and not refractory to multiple classes of drugs.
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Iopofosine I 131 was well tolerated and its toxicity profile was consistent with the Company’s previously reported safety data.
−Removed: The safety population was 65 patients which was composed of patients that received at least a single dose of iopofosine I 131 but did not receive enough drug to be assessed for efficacy.
−Removed: There were 3 (4.6%) patients that experienced treatment-related adverse events (TRAEs) leading to discontinuation.
−Removed: The rates of greater TRAEs observed in more than 10% of patients included thrombocytopenia (56 [86.2%] patients), neutropenia (52 [80.0%] patients), anemia (42 [64.6%] patients) and decreased white blood cell count (21 [32.3%] patients) among hematologic toxicities and fatigue (22 [33.8%] patients), nausea (19 [29.2%] patients and diarrhea (13 [20.0%] patients) among non-hematologic toxicities.
−Removed: The rates of Grade 3 or greater TRAEs observed in more than 10% of patients included thrombocytopenia (53 [81.5%] patients), neutropenia (43 [66.2%] patients), anemia (31 [47.7%] patients), decreased white blood cell count (18 [27.7%]), decreased lymphocyte count 8 (12.3%).
+Added: The safety population was 65 patients which was composed of patients that received at least a single dose of iopofosine I 131.
+Added: There were 5 (7.7%) patients that experienced treatment-emergent adverse events (TEAEs) leading to discontinuation of which 2 (3.6%) were treatment related.
+Added: The rates of Any Grade TEAEs observed in more than 10% of patients included thrombocytopenia (56 [86.2%] patients), neutropenia (52 [80.0%] patients), anemia (42 [64.6%] patients) and decreased white blood cell count (21 [32.3%] patients) among hematologic toxicities and fatigue (22 [33.8%] patients), nausea (19 [29.2%] patients) and diarrhea (13 [20.0%] patients) among non-hematologic toxicities.
+Added: The rates of Grade 3 or greater TEAEs observed in more than 10% of patients included thrombocytopenia (53 [81.5%] patients), neutropenia (43 [66.2%] patients), anemia (31 [47.7%] patients), decreased white blood cell count (18 [27.7%]), decreased lymphocyte count 8 (12.3%).
All patients recovered from cytopenias with no reported aplastic sequalae.
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The initial Investigational New Drug (IND) application was accepted by the FDA in March 2014 with multiple INDs submitted since that time.
−Removed: The Phase 1 study was designed to assess the compound’s safety and tolerability in patients with r/r MM and to determine maximum tolerated dose (MTD) and was initiated in
+Added: The Phase 1 study was designed to assess the compound’s safety and tolerability in patients with r/r MM and to determine maximum tolerated dose (MTD) and was initiated in April 2015.
The study completed enrollment, and the final clinical study report is expected in the first half of 2026.
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This study is partially funded (~$2M) by a National Institutes of Health SBIR grant from the National Cancer Institute.
−Removed: Food and Drug Administration (FDA) granted iopofosine Break-through Designation for r/r Waldenstrom’s macroglobulinemia (WM), Fast Track Designation for lymphoplasmacytic lymphoma (LPL) and WM patients having received two or more prior treatment regimens, as well as r/r MM and r/r diffuse large B-cell lymphoma (DLBCL).
+Added: Food and Drug Administration (FDA) granted iopofosine Breakthrough Therapy Designation for r/r Waldenstrom’s macroglobulinemia (WM), Fast Track Designation for lymphoplasmacytic lymphoma (LPL) and WM patients having received two or more prior treatment regimens, as well as r/r MM and r/r diffuse large B-cell lymphoma (DLBCL).
Orphan Drug Designations (ODDs) have been granted for LPL/WM, MM, neuroblastoma, soft tissue sarcomas including rhabdomyosarcoma, Ewing’s sarcoma and osteosarcoma.
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Phase 3 Study in Patients with r/r Waldenstrom’s macroglobulinemia
−Removed: On March 6, 2025, the Company conducted its End-of-Phase-2 (EOP2) meeting with the U.S.
−Removed: Food and Drug Administration (FDA).
−Removed: As a result of the meeting, and clarified by subsequent written correspondence, the Company believes that it understands a path forward for potential accelerated and full approval of iopofosine I 131 based upon the CLOVER WaM study and the initiation of a comparator controlled Phase 3 confirmatory trial assessing progression free survival as the primary endpoints in WM patients.
−Removed: The submission for accelerated approval utilizing the CLOVER WaM study data can occur at the time of or after the initiation of Phase 3 randomized controlled confirmatory study and patient enrollment must be ongoing at the time of decision on the accelerated NDA.
−Removed: The confirmatory study will be executed in an earlier line of therapy than was tested in the CLOVER WaM patients.
+Added: The Company initiated activities related to the Phase 3 confirmatory study in June of 2026.
+Added: These activities include, but are not limited to, selection of and finalizing the contract with the lead CRO, finalizing the protocol and statistical analysis plan, site feasibility and qualification visits.
+Added: The study is designed based upon a series of communications with the FDA, starting with an End-of-Phase-2 (EOP2) meeting which occurred on March 6, 2025.
+Added: Following the FDA guidance, the Company believes that accelerated approval of iopofosine I 131will be based upon the CLOVER WaM study and the initiation of a comparator-controlled Phase 3 confirmatory trial assessing progression free survival as the primary endpoints in WM patients.
+Added: Full approval of iopofosine will be based upon the demonstration of superior progression free survival of iopofosine against a comparator in an earlier line of therapy than was tested in the CLOVER WaM patients and would be granted if the accelerated approval is accepted.
+Added: The submission for accelerated approval utilizing the CLOVER WaM study data can occur at the time of or after the initiation of a Phase 3 randomized controlled confirmatory study and patient enrollment must be ongoing at the time of decision on the accelerated NDA.
+Added: The Company is currently preparing a Phase 3 study that will be a comparator, randomized controlled study with approximately 100 WM patients per arm;
+Added: full patient enrollment is projected within 18-24 months of the first patient admitted to the study.
Phase 2 Study in Select B-Cell Malignancies
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As of March 2022, the study arms for CLL/SLL, LPL/WM, MZL, MCL, and DLBCL were closed.
−Removed: Dosing of patients varied by disease state cohort and was measured in terms of TBD.
+Added: Dosing of patients varied by disease state cohort and was measured in terms of total body dose (TBD).
In July 2016, we were awarded a $2,000,000 National Cancer Institute (NCI) Fast-Track Small Business Innovation Research grant to further advance the clinical development of iopofosine.
The funds supported the Phase 2 study initiated in March 2017 to define the clinical benefits of iopofosine in r/r MM and other niche hematologic malignancies with unmet clinical need.
−Removed: These niche hematologic
−Removed: malignancies include CLL, SLL, MZL, LPL/WM and DLBCL.
+Added: These niche hematologic malignancies include CLL, SLL, MZL, LPL/WM and DLBCL.
The study was conducted in approximately 10 U.S.
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Patients with r/r Waldenstrom’s Macroglobulinemia Cohort
−Removed: Patients in the r/r WM cohort all received TBD of ≥ 60 mCi (25 mCi/m2 single bolus, 31.25 mCi/m2 fractionated, 37.5 mCi/m2 fractionated, or two cycles of mCi/m2 fractionated) either as a bolus dose or fractionated.
+Added: Patients in the r/r WM cohort all received TBD of ≥ 60 mCi (25 mCi/m2 single bolus, 31.25 mCi/m2 fractionated, 37.5 mCi/m2 fractionated, or 40 mCi/m2 fractionated) either as a bolus dose or fractionated.
Current data from our Phase 2a CLOVER-1 clinical study show a 100% ORR in six WM patients and an 83.3% major response rate with one patient achieving a complete response (CR), which reached 39 months post-last treatment.
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The safety and tolerability profile in patients with r/r NHL was similar to r/r MM patients except for fewer cytopenias of any grade.
−Removed: Based upon iopofosine being well tolerated across all dose groups, the observed response rate, and especially in difficult to treat patients such as high risk and triple class refractory or penta-refractory, and corroborating data showing the potential to further improve upon current ORRs and durability of those responses, the study has been expanded to test a two-cycle dosing optimization regimen with a target TBD >60 mCi/m2 of iopofosine.
+Added: Based upon iopofosine being well tolerated across all dose groups, the observed response rate, and especially in difficult to treat patients such as high risk and triple class refractory or penta-refractory, and corroborating data showing the potential to further improve upon current ORRs and durability of those responses, the study has been expanded to test a two-cycle dosing optimization regimen with a target TBD >60 mCi of iopofosine.
In May 2020, we announced that the FDA granted Fast Track Designation for iopofosine in WM in patients having received two or more prior treatment regimens.
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For the trial, which used a modified three-plus-three dose escalation design, 15 evaluable patients were dosed in single bolus doses from 12.5mCi/m2 up to 31.25mCi/m2 (TBD 20.35-59.17 mCi) and 11 evaluable patients were dosed in fractionated dosing cohorts of 31.25mCi/m2 to 40mCi/m2 (TBD 54.915-89.107 mCi).
−Removed: An iDMC did not identify dose-limiting toxicities in any cohort.
+Added: An iDMC did not identify dose-limiting
+Added: toxicities in any cohort.
Of the 26 evaluable patients in the trial, a partial response was observed in 4 of 26 patients (15.4%) and stable disease or minimal response in 22 of 26 patients (84.6%), for a disease control rate of 100%.
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An iDMC assessed the safety of iopofosine up to its planned maximum single, bolus dose of 31.25 mCi/m2 or a TBD of ~63 mCi.
−Removed: The four single dose cohorts
−Removed: examined were:
+Added: The four single dose cohorts examined were:
12.5 mCi/m2 (~25mCi TBD), 18.75 mCi/m2 (~37.5mCi TBD), 25 mCi/m2(~50mCi TBD), and 31.25 mCi/m2(~62.5mCi TBD), all in combination with low dose dexamethasone (40 mg weekly).
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In December 2017, we submitted an IND application for r/r pediatric patients with select solid tumors, lymphomas and malignant brain tumors.
−Removed: The Phase 1 clinical study of iopofosine was an open-label, sequential-group, dose-escalation study evaluating the safety and tolerability of intravenous administration of iopofosine in children and adolescents with relapsed or refractory malignant solid tumors (neuroblastoma, Ewing’s sarcoma, osteosarcoma, rhabdomyosarcoma) and lymphoma or recurrent or refractory malignant brain tumors for which there are no standard treatments.
+Added: The Phase 1 clinical study of iopofosine was an open-label, sequential-group, dose-escalation study evaluating the safety and tolerability of intravenous administration of iopofosine in children and adolescents with relapsed or refractory malignant solid tumors
+Added: (neuroblastoma, Ewing’s sarcoma, osteosarcoma, rhabdomyosarcoma) and lymphoma or recurrent or refractory malignant brain tumors for which there are no standard treatments.
Secondary objectives of the study are to identify the recommended efficacious dose of iopofosine and to determine preliminary antitumor activity (treatment response) of iopofosine in children and adolescents.
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In November 2020, we announced clinical data providing that iopofosine had been measured in pediatric brain tumors, confirming that systemic administration of iopofosine crosses the blood brain barrier and is delivered into tumors and that the data show disease control in heavily pretreated patients with ependymomas.
−Removed: In November 2021, we announced favorable data on changes in various tumor
−Removed: parameters in a Phase 1 study in children and adolescents with relapsed and refractory high-grade gliomas (HGGs) and soft tissue sarcomas.
+Added: In November 2021, we announced favorable data on changes in various tumor parameters in a Phase 1 study in children and adolescents with relapsed and refractory high-grade gliomas (HGGs) and soft tissue sarcomas.
Pediatric HGGs are a collection of aggressive brain and central nervous system tumor subtypes (i.e.
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In 2022, the NCI awarded Cellectar a $1,900,000 SBIR Phase 2 grant to explore iopofosine in pediatric HGG.
−Removed: Phase 1 Study in r/r Head and Neck Cancer
−Removed: In August 2016, the University of Wisconsin Carbone Cancer Center (UWCCC) was awarded a five-year Specialized Programs of Research Excellence (SPORE) grant of $12,000,000 from the NCI and the National Institute of Dental and Craniofacial Research to improve treatments and outcomes for head and neck cancer (HNC) patients.
−Removed: HNC is the sixth most common cancer across the world with approximately 56,000 new patients diagnosed every year in the U.S.
−Removed: As a key component of this grant, the UWCCC researchers completed testing of iopofosine in various animal HNC models and initiated the first human clinical study enrolling up to 30 patients combining iopofosine and external beam radiation treatment (EBRT) with recurrent HNC in the fourth quarter of 2019.
−Removed: UWCCC has completed the part A portion of a safety and tolerability study of iopofosine in combination with EBRT and preliminary data suggest safety and tolerability in relapsed or refractory HNC.
−Removed: The reduction in the amount or fractions (doses) of EBRT has the potential to diminish the (number and severity of) adverse events associated with EBRT.
−Removed: Patients with HNC typically receive approximately 60-70 Grays (Gy) of EBRT given as 2 – 3 Gy daily doses over a six-week timeframe.
−Removed: Patients can experience long-term tumor control following re-irradiation in this setting;
−Removed: however, this approach can cause severe injury to normal tissue structures, significant adverse events and diminished quality of life.
−Removed: Part B of the study was to assess the safety and potential benefits of iopofosine in combination with EBRT in a cohort of up to 24 patients.
−Removed: This portion of the study has fully enrolled, and data were reported at the ASTRO 2024 conference on March 2, 2024.
−Removed: Complete remission was achieved in 64% of patients, with an ORR of 73% (n=11).
−Removed: Prior to treatment with iopofosine I 131, six patients had multiple recurrences, and one had metastatic disease, both of which are indicative of poor outcomes.
−Removed: Additionally, in the study we observed durability of tumor control with an overall survival of 73% and progression free survival of 36% at 12 months.
−Removed: Eleven patients (92%) experienced a treatment-related adverse event.
−Removed: Treatment-related adverse events of grade 3 or higher occurring in 20% or more patients were thrombocytopenia (75%), lymphopenia (75%), leukopenia (75%), neutropenia (67%), and anemia (42%).
−Removed: Observed adverse events were consistent with the known toxicity profile of iopofosine I 131, with cytopenias being the most common.
−Removed: All patients recovered.
−Removed: We believe that these data support the notion of enhanced patient outcomes when combining the use of iopofosine I 131 in combination with external beam radiation for a treatment of solid tumors.
−Removed: Recent Developments
CLOVER WaM Phase 2b 12 Month Follow-Up Data
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Non-hematologic toxicities were primarily low grade (Grade <2).
+Added: Phase 1 Study in r/r Head and Neck Cancer
+Added: In August 2016, the University of Wisconsin Carbone Cancer Center (UWCCC) was awarded a five-year Specialized Programs of Research Excellence (SPORE) grant of $12,000,000 from the NCI and the National Institute of Dental and Craniofacial Research to improve treatments and outcomes for head and neck cancer (HNC) patients.
+Added: HNC is the sixth most common cancer across the world with approximately 56,000 new patients diagnosed every year in the U.S.
+Added: As a key component of this grant, the UWCCC researchers completed testing of iopofosine in various animal HNC models and initiated the first human clinical study enrolling up to 30 patients combining iopofosine and external beam radiation treatment (EBRT) with recurrent HNC in the fourth quarter of 2019.
+Added: UWCCC has completed the part A portion of a safety and tolerability study of iopofosine in combination with EBRT and preliminary data suggest safety and tolerability in relapsed or refractory HNC.
+Added: The reduction in the amount or fractions (doses) of EBRT has the potential to diminish the (number and severity of) adverse events associated with EBRT.
+Added: Patients with HNC typically receive approximately 60-70 Grays (Gy) of EBRT given as 2 – 3 Gy daily doses over a six-week timeframe.
+Added: Patients can experience long-term tumor control following re-irradiation in this setting;
+Added: however, this approach can cause severe injury to normal tissue structures, significant adverse events and diminished quality of life.
+Added: Part B of the study was to assess the safety and potential benefits of iopofosine in combination with EBRT in a cohort of up to 24 patients.
+Added: This portion of the study has fully enrolled, and data were reported at the ASTRO 2024 conference on March 2, 2024.
+Added: Complete remission was achieved in 64% of patients, with an ORR of 73% (n=11).
+Added: Prior to treatment with iopofosine I 131, six patients had multiple recurrences, and one had metastatic disease, both of which are indicative of poor outcomes.
+Added: Additionally, in the study we observed durability of tumor control with an overall survival of 73% and progression free survival of 36% at 12 months.
+Added: Eleven patients (92%) experienced a treatment-related adverse event.
+Added: Treatment-related adverse events of grade 3 or higher occurring in 20% or more patients were thrombocytopenia (75%), lymphopenia (75%), leukopenia (75%), neutropenia (67%), and anemia (42%).
+Added: Observed adverse events were consistent with the known toxicity profile of iopofosine I 131, with cytopenias being the most common.
+Added: All patients recovered.
+Added: We believe that these data support the notion of enhanced patient outcomes when combining the use of iopofosine I 131 in combination with external beam radiation for a treatment of solid tumors.
On May 5, 2026, the Company announced that it had entered into a securities purchase agreement with certain institutional investors, and an additional securities purchase agreement with certain members of management, to issue and sell an aggregate of approximately $35 million upfront and up to $105 million in milestone-based securities in a registered direct offering of common stock and a concurrent private placement of common stock, pre-funded warrants, and milestone-based warrants.
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Other income (expense), net, consists primarily of the impacts related to issuing and revaluing equity securities, and interest income.
−Removed: Three Months Ended March 31, 2026 and 2025
+Added: Three Months Ended June 30, 2026 and 2025
Research and Development .
−Removed: Research and development expenses for the three months ended March 31, 2026, were approximately $3,007,000, compared to approximately $3,427,000 for the three months ended March 31, 2025.
−Removed: The following table is a summary comparison of approximate research and development costs for the three months ended March 31, 2026 and 2025:
+Added: Research and development expenses for the three months ended June 30, 2026, were approximately $4,557,000, compared to approximately $2,390,000 for the three months ended June 30, 2025.
+Added: The following table is a summary comparison of approximate research and development costs for the three months ended June 30, 2026 and 2025:
Three Months Ended
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General research and development costs
−Removed: The overall decrease in research and development expense of approximately $420,000, or 12%, was primarily a result of decreased clinical project costs of approximately $348,000 driven by the conclusion of patient enrollment in our WM and pre-clinical project costs of approximately $446,000 offset by an increase in manufacturing and related costs of approximately $536,000 for further development of pre-clinical assets.
+Added: The overall increase in research and development expense was approximately $2,167,000, or 91%.
+Added: The increase in spending was composed primarily of increased clinical project costs and manufacturing and related costs resulting from the initiation of the confirmatory and triple-negative breast cancer studies, offset in part by reduced activity in the pediatric study.
General and administrative.
−Removed: General and administrative expense for the three months ended March 31, 2026, was approximately $2,787,000, compared to approximately $2,974,000 for the same period in 2025.
−Removed: The overall decrease in general and administrative expense of approximately $184,000, or 6%, was driven by costs associated with a decrease in personnel costs.
+Added: General and administrative expense for the three months ended June 30, 2026, was approximately $2,639,000, compared to approximately $3,648,000 for the same period in 2025.
+Added: The overall decrease in general and administrative expense of approximately $1,009,000, or 28%, was driven by costs associated with a decrease in pre-commercialization activities, professional fees, and personnel costs.
Other income (expense), net .
−Removed: Other income (expense), net, for the three months ended March 31, 2026, was income of approximately $140,000, as compared to approximately $203,000 of expense in the same period of 2025, resulting almost exclusively from changes in warrant valuation.
−Removed: Fluctuations in the Company’s common stock price are the primary aspect of warrant valuation changes.
−Removed: Interest income decreased year-over-year to approximately $63,000 in 2026 as compared to approximately $137,000 in 2025.
−Removed: The Company’s reduced cash on hand drove the reduction.
+Added: Other income (expense), net, for the three months ended June 30, 2026, was approximately $265,000, as compared to approximately $590,000 in the same period of 2025, resulting almost exclusively from changes in warrant valuation, which are non-cash in nature, and are primarily impacted by fluctuations in the Company’s common stock price.
+Added: Interest income increased year-over-year to approximately $133,000 in 2026 as compared to approximately $88,000 in 2025.
+Added: The Company’s higher amounts of invested funds drove the increase.
+Added: Six Months Ended June 30, 2026 and 2025
+Added: Research and Development .
+Added: Research and development expenses for the six months ended June 30, 2026, were approximately $7,565,000, compared to approximately $5,817,000 for the six months ended June 30, 2025.
+Added: The following table is a summary comparison of approximate research and development costs for the six months ended June 30, 2026 and 2025:
+Added: Six Months Ended
+Added: Clinical project costs
+Added: Manufacturing and related costs
+Added: Pre-clinical project costs
+Added: General research and development costs
+Added: The overall increase in research and development expense of approximately $1,748,000, or 30%, was primarily a result of increased clinical project costs and manufacturing and related costs of approximately $1,418,000 and 942,000, respectively, resulting from the initiation of the confirmatory and triple-negative breast cancer studies, offset in part by decreased pre-clinical project costs of approximately $(517,000), driven by reduced activity in the pediatric study.
+Added: General and administrative.
+Added: General and administrative expense for the six months ended June 30, 2026, was approximately $5,425,000, compared to approximately $6,622,000 for the same period in 2025.
+Added: The overall decrease in general and administrative expense of approximately $1,196,000, or 18%, was driven by lower costs associated with a decrease in professional fees, pre-commercialization and personnel costs.
+Added: Other income (expense), net .
+Added: Other income (expense), net, for the six months ended June 30, 2026, was approximately $405,000, as compared to approximately $387,000 of income in the same period of 2025, resulting from changes in warrant valuation and interest income.
+Added: The changes in warrant valuation impacts are non-cash in nature and are largely driven by fluctuations in the Company’s common stock price.
+Added: Interest income decreased to approximately $196,000 in the six months ended June 30, 2026, as compared to approximately $225,000 for the same period in 2025.
+Added: Lower average amounts of invested funds in the current year were the primary driver of the reduction.
Liquidity and Capital Resources
We have incurred losses since inception in devoting substantially all of our efforts toward research and development of drug candidates for which we are seeking FDA approval.
−Removed: During the three months ended March 31, 2026, we generated a net loss of approximately $5.7 million and used approximately $4.8 million in cash for operations.
+Added: During the six months ended June 30, 2026, we generated a net loss of approximately $12.6 million and used approximately $10.9 million in cash for operations.
We expect that we will continue to generate operating losses for the foreseeable future.
−Removed: As of March 31, 2026, our consolidated cash balance was approximately $8.3 million.
−Removed: of the date the accompanying consolidated financial statements were issued (the “issuance date”), the Company’s available liquidity to fund the Company’s operations over the next twelve months beyond the issuance date was limited to approximately $37 million of unrestricted cash and cash equivalents.
+Added: As of June 30, 2026, our consolidated cash balance was approximately $34.0 million.
+Added: As of the date the accompanying consolidated financial statements were issued (the “issuance date”), the Company’s available liquidity to fund the Company’s operations over the next twelve months beyond the issuance date was limited to approximately $29 million of unrestricted cash and cash equivalents.
Absent further action taken by management to increase its liquidity, the Company may be unable to fund its operations under normal course beyond the second quarter of 2027.
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While management believes their plans will be successful, no assurance can be provided such plans will be effectively implemented over the next twelve months beyond the issuance date.
−Removed: In the event management’s plans are not effectively implemented, the Company will be required to seek other alternatives which may include, among others, strategic alternatives such as mergers, acquisitions, partnerships, joint ventures, licensing arrangements or other strategic transactions, the sale of assets, discontinuance of certain operations, and/or filing for bankruptcy protection.
+Added: In the event management’s plans are not effectively implemented, the Company will be required to seek other alternatives which may include, among others, strategic alternatives such as mergers, acquisitions, partnerships, joint
+Added: ventures, licensing arrangements or other strategic transactions, the sale of assets, discontinuance of certain operations, and/or filing for bankruptcy protection.
These uncertainties raise substantial doubt about the Company’s ability to continue as a going concern.
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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.