What changed in this filing

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Item 1. Financial Statements

2025-11-14 compared with 2025-08-14 · 200 added, 229 removed, 88 unchanged (83% of the section changed)

FINANCIAL STATEMENTS

GREENWICH LIFESCIENCES, INC.

BALANCE SHEETS

AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

LIFESCIENCES, INC.

OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024 (UNAUDITED)

September 30,

Current assets

10 unchanged sentences

100,000,000 shares authorized;

13,472,939 and 13,152,729 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively

13,794,577 and 13,152,729 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

4 unchanged sentences

Total liabilities and stockholders’ equity

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

2025 AND 2024 (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF OPERATIONS

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

Operating expenses

15 unchanged sentences

Weighted average common shares outstanding, basic and diluted

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30,

2025 AND 2024 (UNAUDITED)

Additional Paid-in

Total Stockholders’

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF STOCKHOLDERS’ EQUITY

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

Stockholders’

14 unchanged sentences

$ ( 55,444,446 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 2,668,713 )

Balances, September 30, 2024

$ ( 58,113,159 )

Balances, December 31, 2024

6 unchanged sentences

$ ( 69,411,740 )

Stock-based compensation

Sale of common stock via ATM program, net of costs

( 4,025,278 )

Balances, June 30, 2025

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND

2024 (UNAUDITED)

Six Months Ended June 30,

Operating activities:

$ ( 73,437,018 )

Adjustments required to reconcile net loss to net cash used in operating activities:

Stock-based compensation

Changes in operating assets and liabilities:

Accounts payable

Unreimbursed expenses – related party (accrued)

Net cash used in operating activities

Sale of common stock via ATM program, net of costs

Net proceeds from exercise of remaining underwriter warrants

( 4,151,845 )

Financing activities:

Sale of common stock via ATM program, net of costs

Sale of common stock via Private Placement, net of costs

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

Cash, beginning of period

Cash, end of period

See accompanying notes to unaudited financial

GREENWICH LIFESCIENCES, INC.

NOTES TO FINANCIAL STATEMENTS

Balances, September 30, 2025

$ ( 77,588,863 )

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF CASH FLOWS

THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (UNAUDITED)

Months Ended September 30,

required to reconcile net loss to net cash used in operating activities:

in operating assets and liabilities:

expenses – related party (accrued)

cash used in operating activities

of common stock via ATM program, net of costs

Net proceeds from exercise of remaining underwriter warrants

of common stock via Private Placement, net of costs

cash provided by (used in) financing activities

increase (decrease) in cash

beginning of period

end of period

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

TO FINANCIAL STATEMENTS

Organization and Description of the Business

Greenwich LifeSciences, Inc.

(the “Company”)

was incorporated in the state of Delaware in 2006 under the name Norwell, Inc.

In March 2018, Norwell, Inc.

changed its name to Greenwich

LifeSciences, Inc.

In February 2023, Greenwich LifeSciences Europe Limited was incorporated as a wholly owned subsidiary in Ireland.

The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

(the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc.

2018, Norwell, Inc.

changed its name to Greenwich LifeSciences, Inc.

In February 2023, Greenwich LifeSciences Europe Limited was incorporated

as a wholly owned subsidiary in Ireland.

The Company is developing a breast cancer immunotherapy focused on preventing the recurrence

of breast cancer following surgery.

Going Concern

The Company has prepared its financial statements

on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of

However, the Company has incurred net losses since its inception and has negative operating cash flows.

These circumstances

raise substantial doubt about the Company’s ability to continue as a going concern.

The accompanying financial statements do not

include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and

classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue

as a going concern.

As of June 30, 2025, the Company had cash of

$ 3,125,101 .

For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain

additional capital.

Company has prepared its financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy

its liabilities in the normal course of business.

However, the Company has incurred net losses since its inception and has negative operating

These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.

The accompanying

financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of

assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s

ability to continue as a going concern.

of September 30, 2025, the Company had cash of $ 3,806,978 .

For the foreseeable future, the Company’s ability to continue its operations

is dependent upon its ability to obtain additional capital.

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim financial

statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America

and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes

thereto of the Company contained elsewhere herein.

In the opinion of management, all adjustments,

consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for

the interim periods presented have been reflected herein.

The results of operations for the interim periods are not necessarily indicative

of the results to be expected for the full year.

Notes to the financial statements that would substantially duplicate the disclosures

contained in the audited financial statements of the Company for the years ended December 31, 2024 and 2023 as reported in the Company’s

Form 10-K have been omitted.

In February 2016, the FASB issued Accounting

Standards Update (“ASU”) No.

2016-02-Leases (Topic 842), which significantly amends the way companies are required to account

Under the updated leasing guidance, some leases that did not have to be reported previously are now required to be presented

as an asset and liability on the balance sheet.

In addition, for certain leases, what was previously classified as an operating expense

must now be allocated between amortization expense and interest expense.

The Company elected to adopt this update using the modified

retrospective transition method and prior periods have not been restated.

The current monthly rent is approximately $ 2,819 .

The month-to-month

sub-lease is from a related party and the underlying lease expires in July of 2026.

Any right of use asset and liability is deemed to

be nominal as of June 30, 2025 and December 31, 2024.

Basic and Diluted Loss per Share

As of June 30, 2025 and 2024, the Company had

common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock.

As of June 30, 2025 and 2024, the Company had

common stock equivalents related to options outstanding to acquire 3,126,065 and 1,498,128 shares of the Company’s common stock,

respectively.

As of June 30, 2025 and 2024, the Company has

no common stock equivalents related to convertible preferred stock issued and outstanding.

The following table sets forth the computation

of basic and diluted net loss per common share for the periods indicated:

of Presentation

accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally

accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with

the audited financial statements and notes thereto of the Company contained elsewhere herein.

the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial

position and the results of operations for the interim periods presented have been reflected herein.

The results of operations for the

interim periods are not necessarily indicative of the results to be expected for the full year.

Notes to the financial statements that

would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December

31, 2024 and 2023 as reported in the Company’s Form 10-K have been omitted.

February 2016, the FASB issued Accounting Standards Update (“ASU”) No.

2016-02-Leases (Topic 842), which significantly amends

the way companies are required to account for leases.

Under the updated leasing guidance, some leases that did not have to be reported

previously are now required to be presented as an asset and liability on the balance sheet.

In addition, for certain leases, what was

previously classified as an operating expense must now be allocated between amortization expense and interest expense.

The Company elected

to adopt this update using the modified retrospective transition method and prior periods have not been restated.

The current monthly

rent is approximately $ 2,819 .

The month-to-month sub-lease is from a related party and the underlying lease expires in July of 2026.

Any right of use asset and liability is deemed to be nominal as of September 30, 2025 and December 31, 2024.

and Diluted Loss per Share

of September 30, 2025, the Company had no common stock equivalents related to warrants outstanding.

As of September 30, 2024, the Company

had common stock equivalents related to warrants outstanding to acquire 20,174 shares of the Company’s common stock.

of September 30, 2025 and 2024, the Company had common stock equivalents related to options outstanding to acquire 3,126,065 and 1,498,128

shares of the Company’s common stock, respectively.

of September 30, 2025 and 2024, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

Schedule of Basic and Diluted Net Loss Per Common Share

Six Months Ended June 30,

Nine Months Ended September 30,

Basic and diluted net loss per share calculation:

9 unchanged sentences

Related Party Transactions

Unreimbursed expenses have been accrued and incurred

by management, which total $ 82,852 as of June 30, 2025 and $ 75,916 as of December 31, 2024.

Bonus compensation of $ 306,281 for senior management

for services provided in 2024 has been deferred.

expenses have been accrued and incurred by management, which total $ 206,834 as of September 30, 2025 and $ 75,916 as of December 31, 2024.

compensation of $ 306,281 for senior management for services provided in 2024 has been deferred.

Commitments and Contingencies

Accounts payable and accrued interest total

$ 1,296,476 and $ 1,177,536

as of June 30, 2025 and December 31, 2024, respectively.

License Obligation, Legal Expenses, and

Manufacturing Agreements

The Company entered into an exclusive license

agreement with The Henry M.

Jackson Foundation (“HJF”) in April 2009, as amended, pursuant to which it acquired exclusive

marketing rights to GP2, the Company’s product candidate.

In consideration for such licensed rights, the Company issued HJF 202,619

shares of the Company’s common stock valued at $ 0.267 per share, which is amortized over 15 years at $ 3,607 per year.

to the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone payments and royalty payments

based on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends on third-party contract

manufacturers for all required raw materials, active pharmaceutical ingredients, and finished product candidate for the Company’s

clinical trials.

Accrued interest owed to HJF totals $ 220,845

as of June 30, 2025 and December 31, 2024.

Deferred Compensation

Bonus compensation of $ 306,281 for senior management

for services provided in 2024 has been deferred.

Legal Proceedings

From time to time, the Company may be involved

in disputes, including litigation, relating to claims arising out of operations in the normal course of business.

Any of these claims

could subject the Company to costly legal expenses and, while management generally believes that there will be adequate insurance to

cover different liabilities at such time the Company becomes a public company and commences clinical trials, the Company’s future

insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements.

to happen, the payment of any such awards could have a material adverse effect on the results of operations and financial position.

Additionally,

any such claims, whether or not successful, could damage the Company’s reputation and business.

The Company is currently not a

party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, could

have a material adverse effect on our results of operations or financial position.

payable and accrued interest total $ 1,108,886 and $ 1,177,536 as of September 30, 2025 and December 31, 2024, respectively.

Obligation, Legal Expenses, and Manufacturing Agreements

Company entered into an exclusive license agreement with The Henry M.

Jackson Foundation (“HJF”) in April 2009, as amended,

pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate.

In consideration for such licensed

rights, the Company issued HJF 202,619 shares of the Company’s common stock valued at $ 0.267 per share, which is amortized over

15 years at $ 3,607 per year.

Pursuant to the exclusive license agreement, the Company is required to pay an annual

maintenance fee, milestone payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses related to GP2.

The Company currently depends on third-party contract manufacturers for all required raw materials, active pharmaceutical ingredients,

and finished product candidate for the Company’s clinical trials.

interest owed to HJF totals $ 220,845 as of September 30, 2025 and December 31, 2024.

compensation of $ 306,281 for senior management for services provided in 2024 has been deferred.

time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal

course of business.

Any of these claims could subject the Company to costly legal expenses and, while management generally believes that

there will be adequate insurance to cover different liabilities at such time the Company becomes a public company and commences clinical

trials, the Company’s future insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage

awards or settlements.

If this were to happen, the payment of any such awards could have a material adverse effect on the results of

operations and financial position.

Additionally, any such claims, whether or not successful, could damage the Company’s reputation

and business.

The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion,

individually or in the aggregate, could have a material adverse effect on our results of operations or financial position.

Stockholders’ Equity

As of June 30, 2025, 893,181 shares of the 908,362

shares of the common stock grant, which includes an additional grant of 120 shares issued during the vesting period due to rounding up

of fractional shares, had vested at approximately $ 2,009,657 value and 15,181 shares remain unvested and unrecognized at approximately

$ 34,157 value.

There were no shares vested during the six months ended June 30, 2025 and 2024.

On January 23, 2022, November 30, 2022, November

17, 2023, March 12, 2024, and March 2, 2025, the board of directors sequentially extended the lock-up of the shares owned by the Company’s

directors, officers, and existing pre-IPO investors to March 31, 2026 (approximately 66 months from date of the Company’s IPO).

During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s

common stock unless otherwise modified by the board of directors.

After March 31, 2026, leak-out provisions will become effective unless

otherwise modified by the board of directors.

Between January 1, 2025 and June 30, 2025, the

Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H.

Wainwright, in which it issued

and sold a total of 320,210 shares of its common stock at an average offering price of $ 9.95 per share for gross proceeds of $ 3,185,661

and net proceeds of $ 3,100,668 , after deducting underwriting discounts and commissions and offering expenses borne by the Company, which

totaled $ 84,993 .

Between January 1, 2024 and June 30, 2024, the

Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in which it issued and sold a total of 44,697 shares

of its common stock at an average offering price of $ 14.07 per share for gross proceeds of $ 628,732 and net proceeds of $ 565,858 , after

deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $ 62,874 .

At June 30, 2025, outstanding warrants to purchase

shares of common stock accounted for as equity were as follows with an aggregate intrinsic value as of June 30, 2025 of $ 37,978 based

on the June 30, 2025 closing share price of $ 9.07 :

Schedule of Outstanding Warrants

Shares Underlying Outstanding

Exercise Price (1)

Expiration Date (1)

September 24, 2025

The warrants are exercisable at any time and from time to time, in

whole or in part, during a period commencing March 24, 2021 and expiring September 24, 2025 .

The exercise price of the warrants is

$ 7.1875 per share or $ 6.9718 per share if the warrants are exercised for cash within the first six months of the period in which

they are exercisable.

On June 22, 2022, prior to the close of the Nasdaq

market, 1,498,128 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding

stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $ 7.63 per share, which was the most recent

prior closing share price on June 21, 2022.

The options had a fair value on the grant date of $ 9,512,356 , based on a risk-free rate of

3.2 % and an annualized volatility of 106 %.

As of June 30, 2025, $ 7,193,716 was expensed and $ 2,318,640 may be expensed in the future

if and as vesting occurs.

As of June 30, 2024, $ 4,815,628 was expensed.

Vesting will be based on time of service over a four year period

and certain additional performance milestones for senior management, primarily related to the Phase III clinical trial.

On December 24, 2024, prior to the close of the

Nasdaq market, 1,627,937 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding

stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $ 12.16 per share, which was the most

recent prior closing share price on December 23, 2024.

The options had a fair value on the grant date of $ 16,190,565 , based on a risk-free

rate of 4.5 % and an annualized volatility of 103 %.

As of June 30, 2025, $ 6,774,623 was expensed and $ 9,415,942 may be expensed in the

future if and as vesting occurs.

Vesting will be based on time of service over a three year period with certain additional retention

milestones for senior management.

Private Placement

On June 13, 2024, prior to the close of the Nasdaq

market, the Company completed a private placement offering pursuant to which it issued and sold 174,825 shares of its common stock at

a price of $ 14.30 per share, which was the most recent prior closing share price on June 12, 2024, to Snehal Patel, the Company’s

Chief Executive Officer and director, for net proceeds of $ 2,499,998 .

No investment banking fees were paid in connection with the offering.

Patel agreed to a one year lock-up agreement with respect to his shares of common stock acquired in the offering.

of September 30, 2025, 893,181 shares of the 908,362 shares of the common stock grant, which includes an additional grant of 120 shares

issued during the vesting period due to rounding up of fractional shares, had vested at approximately $ 2,009,657 value and 15,181 shares

remain unvested and unrecognized at approximately $ 34,157 value.

There were no shares vested during the nine months ended September 30,

2025 and 2024.

January 23, 2022, November 30, 2022, November 17, 2023, March 12, 2024, and March 2, 2025, the board of directors sequentially extended

the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to March 31, 2026 (approximately

66 months from date of the Company’s IPO).

During this period, current officers, directors and certain shareholders will not be

able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors.

After March 31, 2026,

leak-out provisions will become effective unless otherwise modified by the board of directors.

January 1, 2025 and September 30, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement

Wainwright, in which it issued and sold a total of 621,674 shares of its common stock at an average offering price of $ 10.44

per share for gross proceeds of $ 6,492,994 and net proceeds of $ 6,308,784 , after deducting underwriting discounts and commissions and

offering expenses borne by the Company, which totaled $ 184,210 .

January 1, 2024 and September 30, 2024, the Company sold shares of its common stock pursuant to its ATM agreement with Jefferies, in

which it issued and sold a total of 121,663 shares of its common stock at an average offering price of $ 15.96 per share for gross proceeds

of $ 1,941,424 and net proceeds of $ 1,747,282 , after deducting underwriting discounts and commissions and offering expenses borne by the

Company, which totaled $ 194,142 .

September 2025, the remaining underwriter warrants were exercised resulting in the issuance of 20,174 shares of common stock and gross

proceeds to the Company of $ 145,000 .

June 22, 2022, prior to the close of the Nasdaq market, 1,498,128 shares of common stock were granted to employees, consultants, and

directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise price

of $ 7.63 per share, which was the most recent prior closing share price on June 21, 2022.

The options had a fair value on the grant date

of $ 9,512,356 , based on a risk-free rate of 3.2 % and an annualized volatility of 106 %.

As of September 30, 2025, $ 7,788,238 was expensed

and $ 1,724,118 may be expensed in the future if and as vesting occurs.

As of September 30, 2024, $ 5,410,150 was expensed.

be based on time of service over a four year period and certain additional performance milestones for senior management, primarily related

to the Phase III clinical trial.

December 24, 2024, prior to the close of the Nasdaq market, 1,627,937 shares of common stock were granted to employees, consultants,

and directors issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an

exercise price of $ 12.16 per share, which was the most recent prior closing share price on December 23, 2024.

The options had a fair

value on the grant date of $ 16,190,565 , based on a risk-free rate of 4.5 % and an annualized volatility of 103 %.

As of September 30, 2025,

$ 7,724,315 was expensed and $ 8,466,250 may be expensed in the future if and as vesting occurs.

Vesting will be based on time of service

over a three year period with certain additional retention milestones for senior management.

June 13, 2024, prior to the close of the Nasdaq market, the Company completed a private placement offering pursuant to which it issued

and sold 174,825 shares of its common stock at a price of $ 14.30 per share, which was the most recent prior closing share price on June

12, 2024, to Snehal Patel, the Company’s Chief Executive Officer and director, for net proceeds of $ 2,499,998 .

No investment banking

fees were paid in connection with the offering.

Patel agreed to a one year lock-up agreement with respect to his shares of common

stock acquired in the offering.

Segment Information

Operating segments are defined as components

of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”)

in deciding how to allocate resources and in assessing performance.

The Company’s CODM is the Chief Executive Officer.

The Company views

its operations and manages its business as one operating segment, which includes all activities related to its clinical development programs.

The determination of a single reportable segment is consistent with the financial information provided to the CODM.

The CODM views and

manages the Company’s clinical development programs as a single reportable segment for which all operations are centralized and does

not evaluate any other discrete financial information.

The accounting policies of the Company’s single reportable segment are the same

as those for the financial statements.

Segment loss is measured as the Company’s net

loss as reported on the statement of operations, which includes segment expenses such as research and development and general and administrative

expenses and other segment items such as interest expense.

As the Company does not currently generate revenues or profit, the CODM evaluates

performance, makes decisions, allocates resources, and plans future activities through analysis of segment expense information.

also monitors the Company’s cash and cash equivalents and net cash used in operations as reported on the balance sheet and the statement

of cash flows, respectively.

The measure of total segment assets is reported on the balance sheet as total assets.

segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief

operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance.

The Company’s

CODM is the Chief Executive Officer.

The Company views its operations and manages its business as one operating segment, which includes

all activities related to its clinical development programs.

The determination of a single reportable segment is consistent with the

financial information provided to the CODM.

The CODM views and manages the Company’s clinical development programs as a single

reportable segment for which all operations are centralized and does not evaluate any other discrete financial information.

The accounting

policies of the Company’s single reportable segment are the same as those for the financial statements.

loss is measured as the Company’s net loss as reported on the statement of operations, which includes segment expenses such as

research and development and general and administrative expenses and other segment items such as interest expense.

As the Company does

not currently generate revenues or profit, the CODM evaluates performance, makes decisions, allocates resources, and plans future activities

through analysis of segment expense information.

The CODM also monitors the Company’s cash and cash equivalents and net cash used

in operations as reported on the balance sheet and the statement of cash flows, respectively.

The measure of total segment assets is

reported on the balance sheet as total assets.

Subsequent Events

The Company has evaluated events through the

filing date of this Quarterly Report on Form 10-Q, and determined that there have been no subsequent events that occurred that would

require adjustments to our disclosures in the financial statements, other than the following:

Between July 1, 2025 and July 28, 2025, the

Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H.

Wainwright, in which it issued

and sold a total of 157,318 shares of its common stock at an average offering price of $ 10.49 per share for gross proceeds of $ 1,650,575

and net proceeds of $ 1,601,059 , after deducting underwriting discounts and commissions and offering expenses borne by the Company, which

totaled $ 49,516 .

Company has evaluated events through the filing date of this Quarterly Report on Form 10-Q, and determined that there have been no subsequent

events that occurred that would require adjustments to our disclosures in the financial statements, other than the following:

October 1, 2025 and October 28, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement

Wainwright, in which it issued and sold a total of 59,962 shares of its common stock at an average offering price of $ 10.53

per share for gross proceeds of $ 631,362 and net proceeds of $ 612,420 , after deducting underwriting discounts and commissions and

offering expenses borne by the Company, which totaled $ 18,942 .

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-Q

Item 1. Financial Statements