What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-03-30 compared with 2025-03-28 · 17 added, 75 removed, 0 unchanged (100% of the section changed)

1993, we purchased a 15,000 square foot facility (that included 5,000 square feet of unfinished office space on the second floor) at

56 Evergreen Drive in Portland, Maine.

We currently use this space for substantially all of our:

i) office and laboratory needs, ii)

vaccine manufacturing operations, iii) liquid processing operations and iv) freeze-drying operations for our USDA-regulated product line.

All of our powder milling and filling operations, gel formulation operations and assembly services have been relocated out of this building.

During 2001, we completed a construction project that added approximately 5,200 square feet of new manufacturing space on the first floor

and approximately 4,100 square feet of storage space on the second floor.

During 2007, we built out the 5,000 square feet of unfinished

space on the second floor into usable office space.

After moving offices from the first floor into this new space on the second floor,

we modified and expanded the laboratory space on the first floor and added approximately 2,500 additional square feet of storage space

on the second floor.

During 2009, we added 350 square feet of cold storage space connected to our first floor production area and added

an additional 600 square feet to the second floor storage area.

During 2015, we completed construction of a two-story addition connected

to our facility to provide us with approximately 7,100 additional square feet for cold storage, production and warehouse space for our

These additions increased the size of the facility to approximately 34,850 square feet.

2015, we exercised an option to acquire land at 33 Caddie Lane in Portland, Maine which is near our facility at 56 Evergreen Drive, on

which we initiated construction of our DS production facility for Re-Tain ® during the third quarter of 2016.

the fourth quarter of 2017, we obtained a Certificate of Occupancy from the City of Portland for our 16,202 square foot (9,803 on the

first floor and 6,399 on the second floor) DS production facility.

Our FDA-regulated operations are conducted in this building.

2017, we purchased a 4,080 square foot facility adjacent to the DS production facility for Re-Tain ® at 14 Wedge

Way in Portland, Maine.

We are using this warehouse space primarily for storage of inventory, materials and equipment.

During the middle

of 2023, we completed modifications to this facility for packing, shipping and cold storage for Re-Tain ® and other

warehousing needs.

2019, we entered into a lease covering approximately 14,300 square feet of office and warehouse space at 175 Industrial Way in Portland,

Maine to expand our USDA-regulated manufacturing operations.

We have renovated this space (a Certificate of Occupancy was issued during

the second quarter of 2020) to help us expand our production capacity and improve quality for the First Defense ®

product line.

This space is being used for all of our powder milling and filling, gel formulation and assembly services.

lease term was ten years with a right to renew for a second ten-year term and a right of first offer to purchase.

During the third quarter

of 2022, we entered into a new 20-year lease covering a facility that has been constructed for us by our landlord ( Building 175B ,

described below), which is adjacent to (and has been connected to) Building 175A .

In connection with this new lease, the lease

to Building 175A was extended by approximately 13 years to match the expiration of the other lease to Building 175B .

2022, we committed to lease an additional 15,400 square feet of space at 175 Industrial Way in Portland, Maine, which has been constructed

and connected to Building 175A , over a 20-year term.

The lease commencement date was April 1, 2023.

Lease payments began four

months after this date.

In connection with the lease commitment for space in Building 175B , the term of the original lease for

Building 175A was extended by approximately 13 years.

We are using this space for the following three purposes:

1) much needed

additional warehouse space, 2) the relocation of all shipping and receiving services from Building 56 and 3) space for additional

freeze-drying equipment in the future to increase our production capacity to approximately $40 million per year.

Due to the loss in gross

margin on product sales during 2023 caused by the slowdown in production output necessary to remediate product contamination events,

we reduced the scope of the investment to build out Building 175B at least for the time being.

The objective of moving our powder

milling operations out of Building 56 has been achieved by moving powder milling to Building 175A for the time being.

have completed Phase I of this build out plan, which included pouring a concrete floor and bringing utilities and heat to the space.

Upon issuance of a Certificate of Occupancy by the city, we relocated all shipping and receiving operations from Building 56 to

Building 175B and began to benefit from the new warehouse space.

When we have adequate cash, we will initiate Phase II of the

build out plan, which includes construction of process rooms and installation of production equipment necessary to further increase our

production capacity.

March of 2021, we entered into a renewable, two-year lease for approximately 1,300 square feet of office, storage and parking space in

Subsequently, we entered into a new two-year lease for the same property through March of 2025 that includes an option to renew

for an additional two-year term.

During February of 2025, we exercised this option and extended the lease through March 1, 2027.

we are renting approximately 960 square feet in Winona, Minnesota for a sales office.

This lease automatically renews with 4% increases

for one-year terms unless we or the landlord give 60-days’ notice of a change.

The current term expires in June of 2025.

not expect to provide notice of cancellation at this time.

We also maintain access to cows (as a source of colostrum used in the production

of the First Defense ® product line) through contractual relationships with commercial dairy farms.

property insurance in amounts that approximate replacement cost and a modest amount of business interruption insurance.

ITEM 2 — PROPERTIES

Location/Description

Approximate Square Feet

56 Evergreen Drive, Portland, Maine

i) principal executive office and laboratory needs, ii) vaccine manufacturing operations, iii) liquid processing operations and iv) freeze-drying operations for our USDA-regulated product line.

33 Caddie Lane, Portland, Maine (1)

Re-Tain ® FDA-regulated operations

14 Wedge Way, Portland, Maine

Warehouse space primarily for storage of inventory, materials and equipment

175A Industrial Way, Portland, Maine

All of our powder milling and filling, gel formulation and assembly services.

175B Industrial Way, Portland, Maine

i) additional warehouse space, ii) shipping and receiving services from 56 Evergreen Drive and iii) space for additional freeze-drying equipment in the future to increase our production capacity

(1) At the end of December 2025, the Company made the decision to cease further investment in its Re-Tain ® manufacturing operations.

As a result, we intend on refitting this building to meet the manufacturing needs of our First Defense ® product line.

In addition to the properties above, we also lease office, storage and parking space in New York and a small sales office in Winona, Minnesota.

We maintain property insurance in amounts that approximate replacement cost and a modest amount of business interruption insurance.

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 2. Properties