What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-09 compared with 2025-03-07 · 111 added, 276 removed, 254 unchanged (60% of the section changed)

Analysis at the Speed of Life

We are making revolutionizing chemical and biochemical analysis simple, smart and speedy with our purpose-built handheld and desktop devices that empower people to take swift action in life-altering applications.

We are making chemical analysis simple, smart and speedy with our purpose-built handheld devices that empower people to take swift action in life-altering applications.

Company Overview

We have developed an innovative suite of purpose-built handheld and desktop devices for point-of-need chemical analysis.

Leveraging mass spectrometry, or Mass Spec, and optical spectroscopy, microfluidics, and analytics and machine learning technologies, we make devices that are significantly smaller and more accessible than conventional laboratory instruments.

Our devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in forensics, bioprocessing, pharma/biopharma, life science research and adjacent markets.

The term “products” or “devices” used in this “Business” section each refer to the MX908, ThreatID, ProtectIR, XplorIR, Rebel, ZipChip Interface, Maverick, and Maven and related sampling devices.

We have developed an innovative suite of purpose-built handheld devices for point-of-need chemical analysis.

Leveraging mass spectrometry, or Mass Spec, and optical spectroscopy, analytics and machine learning technologies, we make devices that are significantly smaller and more accessible than conventional laboratory instruments.

Our devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats.

The term “products” or “devices” used in this “Business” section each refer to the MX908, ThreatID, ProtectIR, XplorIR, and VipIR.

We create simplified measurement devices that our customers can use as accurate tools where-and-when their work needs to be done, rather than overly complex and centralized analytical instrumentation.

We believe the insights and answers our devices provide accelerate workflows, reduce costs, and offer transformational opportunities for our end users.

Since the launch of our first device, we have sold more than 3,500 handheld and desktop devices to over 900 customers in 63 countries, including all 20 of the top 20 pharmaceutical companies by revenue, as well as numerous domestic and foreign government agencies and leading academic institutions.

Our current products are available for both battery-powered handheld and desktop applications.

Front-line workers rely upon our handheld devices to combat the opioid crisis and detect counterfeit pharmaceuticals and illicit materials in the air or on surfaces at levels 1,000 times below their lethal dose.

Our desktop devices are accelerating development and production of biotherapeutics by identifying and quantifying extracellular species in bioprocessing critical to cell health and productivity.

They sit alongside or are directly connected to bioreactors and fermenters producing drug candidates, functional proteins, cell and gene therapies, and synthetic biology derived products.

We believe the insights and answers our devices provide accelerate workflows, reduce costs, and offer transformational opportunities for our end users.

Since the launch of our first device in 2014, we have sold more than 3,700 handheld devices to over 700 customers, including numerous domestic and foreign government agencies.

Front-line workers rely upon our Mass Spec handheld devices to combat the opioid crisis and to detect counterfeit pharmaceuticals and illicit materials in the air or on surfaces at levels as low as 1,000 times below their lethal dose.

Mass Spec is the gold-standard analytical technology for laboratory-based molecular analysis and can identify and quantify sample components via molecular weight measurements.

3 unchanged sentences

Our proprietary Mass Spec platform relies on extreme miniaturization of the core of Mass Spec -- the ion trap and its vacuum system.

Using semiconductor microfabrication techniques, we design and produce components that are more than a thousand-fold smaller in volume when compared with most laboratory Mass Spec instruments and costs only

dollars to manufacture.

The vacuum system alone in a typical laboratory instrument weighs hundreds of pounds and requires several hundred watts of power, 24 hours per day, 365 days per year.

Our miniaturized vacuum system weighs less than a pound, and our Mass Spec in total requires less power than a 20-watt LED light bulb.

These landmark proprietary advances have enabled the first truly handheld Mass Spec devices and compact desktops.

With our acquisition of CAM2 Technologies, LLC (d/b/a RedWave Technology), or RedWave, in April 2024, we obtained FTIR (Fourier Transform Infrared), an optical spectroscopy technology, that identifies and characterizes a broad range of sample types, including liquids, solids and gases.

FTIR complements Mass Spec as FTIR is highly regarded for its chemical identification of bulk materials while Mass Spec provides unparalleled detection and identification of trace chemical substances.

Sample preparation and separation can be a painfully slow hours-long process, and we have invested heavily in the development of microfluidic sample preparation and microscale separation technologies to reduce preparation and separation time from hours to minutes.

The size of a business card, our microfluidic capillary-electrophoresis, or CE, chip has demonstrated world-class performance and speed in separating everything from small molecules such as metabolites and drugs, to biopharmaceutical proteins, antibodies, and oligonucleotides.

With our acquisition of Trace Analytics GmbH, renamed 908 Devices GmbH, in August 2022, we obtained microfluidic aseptic sampling technology that enables on-line automated monitoring and control in bioprocess applications.

This validated technology provides cell-free and sterile bioreactor sampling with no volume or prep required.

We expect this technology to serve as the interface for future on-line devices, those directly connected to a bioreactor.

These landmark proprietary advances have enabled the first truly handheld Mass Spec devices.

With our acquisition of CAM2 Technologies, LLC (d/b/a RedWave Technology) (“RedWave”), in April 2024, we obtained vibrational spectroscopy technologies, which identify and characterize a broad range of sample types, including liquids, solids and gases.

These optical spectroscopy technologies complement Mass Spec, as they are widely recognized

for their broad-based bulk chemical identification capabilities, while our Mass Spec platform delivers unparalleled sensitivity and specificity for detecting and identifying targeted trace chemical substances.

Lastly, it is imperative that a point-of-need solution is operable by the widest possible user base.

We have an industry-leading software automation and machine learning team comprised of eleven members, each with advanced scientific degrees, who have collective experience working on 30 commercial product launches and have won numerous research and innovation awards.

They have applied advanced software automation and machine learning techniques to both control the hardware in our devices and interpret the incredibly rich and complex data streaming off of them.

Our team can provide answers immediately to maximize value to the customer in critical-to-life applications where minutes matter.

Our team applied its deep expertise in data analytics, machine learning and optical spectroscopy to develop a proprietary modeling approach that automatically processes Raman spectra from a wide variety of mammalian cell culture media types and cell lines.

This proprietary modeling approach powers our Maverick desktop device.

Introduced in 2023, Maverick offers bioprocess scientists easy-to-integrate in-line analysis and control without the need for substantial expert configuration or setup.

We have an industry-leading engineering organization comprised of software, hardware, optical and chemical engineers with collective experience supporting dozens of commercial product launches and earning numerous research and innovation awards.

The team applies advanced automation, machine learning, and domain expertise to both control the hardware in our devices and interpret the rich and complex data generated by them.

This enables us to deliver actionable answers quickly to maximize customer value in critical-to-life applications where minutes matter.

We fundamentally believe that the technology platform we have built and the investments we are making will allow people to answer chemical questions in times and places that were previously inconceivable.

Given the market opportunity, we expect to face substantial competition from large established manufacturers of laboratory-based instruments and from new entrants.

however, our proprietary advances have enabled us to manufacture the first truly handheld Mass Spec devices and compact desktops and we believe we are well-positioned to face future competition.

However, our proprietary innovations have enabled us to deliver the first truly handheld mass spectrometry devices, and together with our complementary optical spectroscopy platform, we believe we are strongly positioned to compete effectively.

Our Strengths

We believe the following competitive strengths provide us the ability to address point-of-need applications in forensics, life sciences research, bioprocessing, quality assurance/quality control, and synthetic biology:

We believe the following competitive strengths provide us the ability to provide real-time answers at the point of need in vital health, safety and defense-tech applications:

● Our proprietary microscale Mass Spec platform leverages well established, gold-standard technology.

1 unchanged sentence

Users do not need to take a risk on a completely unknown technology.

We bring laboratory-grade capability to handhelds and desktops.

We bring laboratory-grade capability to handhelds.

We have developed a proprietary Mass Spec platform and approach that allow us to move the capabilities of conventional Mass Spec beyond the central laboratory.

Our proprietary High-Pressure Mass Spec, or HPMS, technology enables us to produce

significantly smaller, purpose-built Mass Spec devices that are better suited for use in point-of-need settings, in contrast to conventional mainframe Mass Spec solutions.

The combination of HPMS, our proprietary microfluidic sampling and separation technology, and our data analytics, and machine-learning technology provides the foundations of an adaptable platform that can serve a growing number of new and adjacent applications and markets.

Our proprietary High-Pressure Mass Spec, or HPMS, technology enables us to produce significantly smaller, purpose-built Mass Spec devices that are better suited for use in point-of-need settings, in contrast to conventional mainframe Mass Spec solutions.

The combination of HPMS, our proprietary data analytics, and machine-learning technology provides the foundations of an adaptable platform that can serve a growing number of new and adjacent applications and markets.

● Point-of-need technologies disrupting conventional lab-based chemical analysis .

Leveraging our technology platform, we have developed a portfolio of desktop and handheld devices that are reinventing how and where lab-grade chemical analysis is conducted by accessing a variety of point-of-need market segments that were historically considered impossible.

Leveraging our technology platform, we have developed a portfolio of handheld devices that are reinventing how and where lab-grade chemical analysis is conducted by accessing a variety of point-of-need market segments that were historically considered impossible.

Our products are small, purpose-built devices that avoid the typical size and complexity issues related to conventional analytical laboratory instruments while also offering real-time, actionable answers to new classes of users.

1 unchanged sentence

● Highly attractive business model validated by rapidly growing installed base of devices.

We have over 900 customers, including all 20 of the top 20 pharmaceutical companies by revenue, academic and major government institutions, including the Department of Homeland Security, the U.S.

We have over 700 customers, including major government institutions, the Department of Homeland Security, the U.S.

Army and the U.S.

Air Force and other international, federal and state agencies.

These customers have validated our platform through the collective purchase of more than 3,500 devices, with more than 20,000 users trained on our devices.

As we continue to grow our installed base, we expect to increase our recurring revenue derived from the sale of consumables and support services.

These customers have validated our platform through the collective purchase of more than 3,700 devices and the training of over 18 ,000 users.

As we continue to grow and service our installed base, we expect to increase our recurring revenue derived from the sale of consumables, accessories, and support services.

● Talented team with significant domain expertise.

2 unchanged sentences

Each member of our senior management team has more than 20 years of relevant experience.

Members of our technical team have been collectively responsible for numerous commercial product launches prior to joining the company, in varying markets such as point-of-care clinical diagnostics, handheld pharmaceutical inspection devices, high-throughput cell culture control systems, autonomous warehouse logistics, motion capture animation, high-volume telecom transmitters and receivers, and consumer wearables.

The team possesses deep expertise in Mass Spec, system design and engineering, usability and ergonomics, thermal and mechanical engineering, software development, artificial intelligence, and optical spectroscopy, as well as microfluidics and separations science.

Members of our technical team have been collectively responsible for numerous commercial product launches prior to joining the company.

The team possesses deep expertise in Mass Spec, spectroscopy, system design and

engineering, usability and ergonomics, thermal and mechanical engineering, software development, and artificial intelligence.

We had 43 full-time employees dedicated to research and development as of December 31, 2025.

1 unchanged sentence

Our Growth Strategy

We are making chemical analysis simple, smart and speedy by incorporating our microscale Mass Spec, optical spectroscopy, microfluidics, and analytics and machine learning technology platform into handheld and desktop devices that provide users with robust answers at the point of need.

We are making chemical analysis simple, smart and speedy by incorporating our microscale Mass Spec, optical spectroscopy, and analytics and machine learning technology platform into handheld devices that provide users with robust answers at the point of need.

Our growth strategy includes the following key elements:

5 unchanged sentences

We will focus on building upon our track record of leveraging our customers’ success in trials and pilots into enterprise-wide adoption of both devices and consumables.

As an example, for our handheld device, it is typical for government organizations to conduct a one week or longer trial prior to purchase to test our technology in their real-world setting.

A trial generally results in budgeting for

a pilot that can range in size from ten to more than 50 units.

As an example, it is typical for government organizations to conduct a one week or longer trial prior to purchase to test our technology in their real-world setting.

A trial generally results in budgeting for a pilot that can range in size from ten to more than 50 units.

During the pilot, we support our customers closely to ensure their success.

1 unchanged sentence

It is our belief that investment pre- and post-sale with prospects that have the potential for enterprise adoption creates a predictable pipeline of opportunity for our devices and their entrenchment as they become the organizational standard for our customers.

Enterprise customers range from large government organizations with full fielding potential of more than 1,000 handheld devices to leading biopharma companies with capacity for ten or more desktop devices per site.

● Grow the installed base through expansion of commercial channels .

Since the commercial launch of our first handheld, the installed base of our handheld and desktop devices has grown to more than 3,500 devices in 63 countries.

With our handheld and desktop device installations now taking root in the United States, we will focus on expanding our commercial channels to better serve the forensics, life sciences research, bioprocessing, quality assurance/quality control, and synthetic biology markets.

We look to expand both our direct channel in the United States and our international reach.

We anticipate growing our network of international channel partners focused in regions with a concentrated and rapidly expanding life sciences presence, specifically, Europe, China, Japan, India, and South Korea.

Since the commercial launch of our first handheld, the installed base of our handheld devices has grown to more than 3,700 devices.

With our handheld device installations taking root in the United States, we will focus on expanding our global commercial channels to better serve the health, safety and defense tech markets.

We look to expand both our direct channel in the United States and our international reach, including growing our network of international channel partners.

We look to have local application and support specialists and sales managers supporting our channel partners.

● Deepen our footprint in the bioprocessing market.

Our desktop devices are designed to accelerate development and enhance production by identifying and quantifying extracellular species critical to cell health and productivity.

They sit alongside or are directly connected to bioreactors and fermenters producing drug candidates, functional proteins, cell and gene therapies, and synthetic biology derived products.

We look to expand our product line with additional panels, for example focused extracellular panels, and intracellular analysis, such as cellular flux, and pathway analysis.

We believe our technology platform can serve as the cornerstone of an integrated “bioprocess brain” by monitoring and managing the comprehensive extracellular environment.

● Expand our customer-driven pipeline of new point-of-need applications.

We will continue to leverage our integrated sample preparation and microfluidic separations platform to expand our pipeline of new, customer-driven point-of-need applications that can be addressed by both our handheld and desktop devices.

As our customers continue to prove out new applications in areas such as diagnostics, metabolomics, and proteomics, we will look to incorporate select assays investigated by these customers into our handheld and desktop devices where those form factors can accelerate usage.

We have already incorporated a number of customer-driven assays into both MX908 and Rebel and will continue to do so as we believe this will provide us with an expanding list of new point-of-need applications and market opportunities within forensics, life sciences research, bioprocessing, quality assurance/quality control and synthetic biology.

In addition, we continue to make advancements in our core technologies to drive the evolution of our product portfolio beyond current applications and needs to enter new markets.

Our Technology

Our Technology Platform

We have developed a core technology platform designed to bring Mass Spec and optical spectroscopy out of the confines of central laboratories and to the point-of-need with high-fidelity handheld and desktop devices.

We believe that providing simple, smart, and speedy devices that provide robust answers when and where people need them gives rise to:

2 unchanged sentences

● new use cases that were previously untenable.

These results are possible as our handheld and desktop devices are designed for extreme convenience and speed, requiring minimal training and maintenance.

Our platform is centered around using proprietary microscale Mass Spec, optical spectroscopy, and microfluidic technologies to prepare, separate, and characterize species at the molecular level, with integrated machine learning and analytics to automatically provide answers regarding identity, purity, and quantity.

These results are possible as our handheld devices are designed for extreme convenience and speed, requiring minimal training and maintenance.

Our platform is centered around using proprietary microscale Mass Spec, and optical

spectroscopy to characterize species at the molecular level, with integrated machine learning and analytics to automatically provide answers regarding identity, and quantity.

The core elements of our technology platform include:

● Complementary analytical technologies, including Mass Spec and optical spectroscopy, purpose built for point-of-need applications;

● Microfluidics, which enable convenient sample preparations, fast separations, and aseptic sampling;

● Analytics and machine learning technology, which provides actionable answers versus raw data.

Analytical Technology Platform for Chemical Analysis at the Point-of-Need

Our analytical technology hardware platform consists of both mass spectrometry and optical spectroscopy.

Mass Spectrometry

Mass Spec is the gold-standard analytical technique for molecular analysis.

3 unchanged sentences

However, while Mass Spec is an extremely powerful analytical technique, the capabilities of conventional Mass Spec instruments are largely relegated to centralized laboratory settings due to their size, complexity, and high price.

Given the inherent limitations of conventional mainframe Mass Spec instruments, we believe there is a compelling opportunity for handheld and compact desktop Mass Spec devices.

Given the inherent limitations of conventional mainframe Mass Spec instruments, we believe there is a compelling opportunity for handheld Mass Spec devices.

A key component of our technology is our proprietary microscale ion trap, which we estimate is 1,000 times smaller than those in conventional laboratory Mass Spec instruments.

9 unchanged sentences

The flexibility afforded by our approach provides access to existing and new market segments that were previously inconceivable for conventional Mass Spec instruments.

We added FTIR to our technology platform through the acquisition of RedWave in April 2024.

FTIR, an optical spectroscopy technology, measures the chemical composition of a sample.

Optical Spectroscopy

Our optical technology complements our Mass Spec and is centered around two key vibrational spectroscopy techniques, the primary being Fourier Transform Infrared Spectroscopy, known simply as FTIR, and the second being Raman spectroscopy.

FTIR is an optical technology which measures the chemical composition of a sample.

The spectral data is acquired using an interferometer detecting all wavelengths simultaneously, which results in fast acquisition times and very high signal-to-noise ratios.

3 unchanged sentences

This technology can measure unknown powders and liquids using an attenuated total reflectance interface, and gases using absorption across a gas cell.

We believe the insights and answers our devices provide will accelerate workflows, reduce costs and offer transformational opportunities for our end users.

Microfluidics Enable Convenient Sampling and Fast Separations

Today, most central laboratory Mass Spec instruments are paired with large, complex solid and liquid handling systems for sample preparation and separation.

Common examples include liquid chromatography stacks and robotic sample preparation systems.

These systems are engineered for general applications and require large quantities of solvents, high level of maintenance, and expertly trained users, leading to higher operating costs.

Our approach integrates proprietary microfluidic sample preparation, separation, and ionization technologies on a single chip that can be produced efficiently at scale using semiconductor microfabrication techniques.

These microfluidic chips can be paired with our microscale Mass Spec technology to create devices with extraordinary performance that are accessible and usable at the point-of-need by non-experts.

Our integrated microfluidics—sample injection, preparation, separation and electrospray simplified

Our integrated microfluidic chip brings the benefits of:

● highly controlled small sample injections at the nanoliter, or nL, scale;

● integrated preparation such as desalting;

● extractions and preconcentration by physical and chemical properties;

● capillary electrophoresis, or CE, for extremely high-resolution separations of complex samples;

● integrated nanoscale electrospray ionization.

The integrated microfluidic CE can perform extremely high-performance separations of a wide range of molecular species from small molecule metabolites, amino acids, and vitamins, to intact antibodies and other proteins.

Importantly for our platform, microfluidic CE is electrically driven and requires no bulky liquid pumping and valving systems.

The microfluidic chip consumes only 100-200 nL of electrolyte per minute making it remarkably efficient with source and waste fluids.

Microfluidic CE separations can be an order of magnitude or faster than similar chromatography separations.

This allows for highly complex separations with high resolution to be completed in minutes.

In 2022, we strengthened our core microfluidic technology with the acquisition of Trace Analytics GmbH, which enables us to provide on-line aseptic sampling technology used in bioprocess monitoring and control.

Aseptic sampling allows for highly precise, on-line monitoring without any loss of bioreactor volume.

A reusable or single-use probe that incorporates a diffusion membrane is inserted in the bioreactor, preserving precious media and product in cell culture and fermentation processes.

Complementing our mass spec analysis, Trace Analytics GmbH also brings to us an enzyme-based electrochemical biosensor technology that generates an electrical signal proportional to concentration of targeted analytes enabling real-time monitoring and control of additional analytes, some of which are difficult to measure with mass spec (e.g., glucose and lactate).

Aseptic sampling enables on-line automated monitoring and control of bioprocesses.

Aseptic sampling provides many benefits, including cell-free, sterile and safe sampling with no loss of volume or prep required, thereby saving operator time and reducing lab costs.

We expect our microfluidic aseptic sampling to serve as the interface for future on-line mass spec-based devices.

FTIR, while broadly applicable, is of limited utility for aqueous solutions and samples within packaging, such as glass and plastics.

Another optical variant, Raman spectroscopy has been incorporated into our technology platform to address and complement.

Raman uses laser light to probe the vibrational bonds of a sample through translucent materials and to detect and analyze the resulting scattered molecular profile.

This profile and that obtained using FTIR serves as “fingerprint” patterns that can be used for precise material identification.

Analytics and Machine Learning Technology Provide Actionable Answers, Not Just Raw Data

The third crucial element of our technology platform is holistic device design with embedded analytics and machine learning.

The second crucial element of our technology platform is holistic device design with embedded analytics and machine learning.

Our development team designs devices for a specific purpose, rather than for a wide scope of often disparate needs.

Conventional Mass Spec manufacturers focus their attention on canonical analytical specifications such as “instrument resolution” or “detection limit” or “data rate” in the hopes of appealing to a wide range of laboratory specialist needs.

Conventional lab instrumentation manufacturers focus their attention on canonical analytical specifications such as “instrument resolution” or “detection limit” or “data rate” in the hopes of appealing to a wide range of laboratory specialist needs.

Our devices are designed to do a job quickly, easily, and cost effectively.

Achieving that aim requires very sophisticated autonomous and adaptive control systems and the machine learning engine to interpret the data and produce a clear, accurate result.

Our devices are designed to provide fast, statistically rigorous answers by providing autonomous control systems and applying rigorous machine learning methods.

Our devices are designed to provide fast, statistically rigorous answers by providing autonomous control systems and applying rigorous machine learning and analytics methods.

Control/optimization:

2 unchanged sentences

This ability to automatically control the system reduces or eliminates the user’s responsibility and opportunity for error in set up, optimization, and troubleshooting.

Our product’s screen shown above right looks very simple, but the embedded analytics and machine learning system controls and optimizes more than a hundred parameters continuously in real-time.

Our product’s screen shown above looks very simple, but the embedded analytics and machine learning system controls and optimizes more than a hundred parameters continuously in real-time.

Machine learning/embedded analytics:

5 unchanged sentences

We were founded on a vision to deliver high quality chemical analysis to a broad set of users at the point-of-need.

We offer handheld and desktop devices, each of which are capable of providing quick, high-fidelity and actionable results.

We offer handheld devices, each of which are capable of providing quick, high-fidelity and actionable results.

These aspects are important to our customers, who previously have had to wait days or even weeks for a thorough analysis conducted in a laboratory.

1 unchanged sentence

The 908 Devices product suite includes (from left to right):

Maverick, ThreatID, XplorIR, Rebel, ProtectIR, Maven, ZipChip, and MX908.

Handheld Devices

XplorIR, ThreatID, MX908, VipIR, and ProtectIR Devices

Launched in June 2017, MX908 is a handheld, battery-powered, Mass Spec device designed for rapid analysis of solid, liquid, vapor and aerosol materials of unknown identity.

It is an agile, multi-purpose device utilized by a wide spectrum of user segments for a variety of forensic field applications such as chemical, explosive, priority drug and HazMat operations, detecting materials at the trace level.

It is an agile, multi-purpose device utilized by a wide spectrum of user segments for a variety of field applications such as chemical, explosive, priority drug and HazMat operations, detecting materials at the trace level.

We have sold more than 3,100 MX908s into every U.S.

state, in 63 countries and across five continents.

state and across five continents.

More than 14,000 operators, including in numerous domestic and foreign government agencies, have been trained to use the MX908.

19 unchanged sentences

All these added capabilities are aimed to address gaps in responders’ workflows, increase engagement, and drive utilization.

We have a roadmap to continue to expand the MX908’s mission add-ons to support the detection of adulterated and counterfeit pharmaceuticals and to develop applications in quality control and quality assurance, including GxP cleaning validation.

XplorIR and InterceptIR

The XplorIR is a handheld device that uses FTIR spectroscopy to identify, quantify and track gases and vapors.

4 unchanged sentences

The XplorIR provides mission-critical information for fire departments, HAZMAT teams and other first responders, enabling them to make swift decisions around remediation efforts and to ensure public safety.

The InterceptIR device is integrated onto a variety of robotic platforms, including robotic canines, wheeled vehicles and unmanned autonomous vehicles and drones.

A headless variant of XplorIR, called InterceptIR, can be integrated onto a variety of robotic platforms, including robotic canines, wheeled vehicles and unmanned autonomous vehicles and drones.

The device rapidly detects and identifies 5,600+ gas and vapor chemical hazards.

4 unchanged sentences

The rugged diamond attenuated total reflection (“ATR”) sample interfaces provide reliable measurement in harsh environments.

The device’s interactive, on-screen prompts guide emergency and military responders through the sampling process.

Once samples have been collected, and a Wi-Fi connection is established, the results can be uploaded to our Team Leader mobile app for remote personnel to assist in making rapid, informed decisions based on a clear understanding of the chemical hazards.

The device’s interactive, on-screen prompts guide emergency and military responders through the sampling.

Like all our FTIR products, once samples have been collected, and a Wi-Fi connection is established, the results can be uploaded to our Team Leader mobile app for remote personnel to assist in making rapid, informed decisions based on a clear understanding of the chemical hazards.

The ProtectIR is a handheld FTIR device that can identify 23,000+ solid and liquid chemical hazards.

The device is compact, lightweight and rugged as it is specifically designed for field use.

ProtectIR enables hazmat response teams, military, and first responders to analyze bulk substances in seconds and requires with minimal user inputs.

Desktop Devices

The Rebel is a small desktop analyzer providing real-time information on the extracellular environment in bioprocesses.

Compared to a traditional central laboratory high-performance liquid chromatography, or HPLC, Mass Spec assay, Rebel’s price per sample is up to 10 times lower, at approximately one-third of the capital cost, and delivers answers up to 2,000 times faster.

Rebel provides results within seven minutes, enabling critical on-the-spot decisions regarding bioprocess media optimization, accelerating process-development cycles and maximizing bioreactor efficiency.

Customers are using Rebel in environments subject to U.S.

Food and Drug Administration, or FDA, and other regulatory guidelines regarding biological and pharmaceutical product quality, or GxP environments, to evaluate fresh media for conformity to standards, track the extracellular environment and metabolic flux during growth cycles, monitor performance during stress experiments, and characterize spent media.

Since the launch of the Rebel in November 2019, we have sold more than 170 units and 55 of those units have been placed with the top-20 pharmaceutical companies by revenue and 27 organizations have purchased multiple units.

Our focus has been on increasing U.S.

placements, but we also have a meaningful international opportunity and have sold Rebels in China, Japan, South Korea and Europe.

Cells have been harnessed to serve as microscopic factories producing myriad molecular species large and small.

The markets for cellular-derived products include therapeutics, including cell therapy and personalized medicine, new and sustainable foods and beverages, and industrial materials.

Many of these products, such as protein-based

therapeutics, can only be economically produced by cells in a bioreactor.

Making these products in an efficient and reproducible way remains a challenge to our customers in bioprocessing.

Cell culture media forms the critical growth environment for the cell.

Our customers’ measurement of this extracellular environment in bioprocesses is critical to their development and operational efficiency.

However, it is rare that researchers conducting these types of experiments have analytical tools for extracellular media characterization on their local bench, which means samples need to be frozen, packaged, and transported to core laboratories for analysis with large HPLC Mass Spec instruments.

This adds substantial delays and cost and typically takes three to six weeks to produce lab reports equivalent to those produced by the Rebel in only 15 minutes.

Rebel is currently configured to report concentrations of 33 critical extracellular metabolites in cell culture media, such as amino acids, vitamins, and biogenic amines, which are known to substantially affect the growth profile and properties of the resulting biological entities and their expressed materials.

Incorporating our microfluidic sample handling and CE technology, as well as our microscale Mass Spec technology, Rebel’s internal autosampler is capable of queueing approximately 96 such samples for unattended analysis and delivering reported concentrations for each sample.

A fit-for-purpose at-line system, the Rebel is designed to be located within the same laboratory as a bioreactor, enabling more frequent monitoring of key cell media parameters.

To run this analysis, the Rebel requires as little as one microliter of cell culture media with little sample preparation.

This allows customers to run more tests while preserving precious cell culture media, which is extremely valuable for small batches as used in cell therapy and personalized medicine.

The Rebel, using its onboard algorithms, eliminates the need for manual calibration and delivers processed and actionable results in real-time.

As runs are completed, users can access the report either as a PDF print out or a laboratory information system compatible file exported to the network.

The Rebel software is compliant for operation in GxP environments.

The Maverick, launched in September 2023 to complement our Mass Spec technology, is an optical in-line analyzer that provides real-time monitoring and control of multiple bioprocess parameters, including glucose, lactate and total biomass, in mammalian cell cultures.

The device also provides rich process fingerprint data to support large-scale efforts in predictive bioprocess modeling.

The Maverick utilizes Raman spectroscopy, a largely non-invasive and non-destructive technology that provides rich, chemical data.

The use of Raman spectroscopy for characterizing critical process parameters, or CPPs, and critical quality attributes, or CQAs, in bioprocessing has grown considerably during the last 10 years.

Unlike conventional spectroscopic methods that utilize a multivariate empirical calibration approach requiring expert configuration, Maverick requires no complex modeling and can be set up in minutes.

We have developed a proprietary approach that we refer to as the de novo model, which means “from the beginning.” Maverick’s purpose-built de novo model automatically processes Raman spectra from a wide variety of cell culture media types and cell lines, thereby delivering actionable process parameters or direct process control actions.

We also provide open access to the raw spectral data enabling spectroscopic experts to extend the device’s capabilities for more advanced predictive control of CPPs and CQAs.

The Maverick hub can monitor up to six bioreactor models simultaneously, with independent analog/digital control of feed systems for each.

Remote, real-time web access to bioreactor status and settings is also supported through the Maverick hub.

As a spectroscopic-based device, Maverick is extensible to other analytes and parameters.

Maverick enables biopharmaceutical process development scientists and manufacturers to enhance understanding of their process and implement dynamic control strategies more quickly and easily, which can accelerate workflows and improve process efficiency.

Maven and Trace C2

Maven is our first on-line device for bioprocess monitoring and control.

Connecting directly to a single bioreactor, Maven provides real-time continuous monitoring and control of glucose and lactate in cell culture and fermentation processes.

Glucose and lactate are critical parameters that biopharmaceutical process development scientists must monitor to ensure optimal cell viability and to improve product yield, quality, efficacy and safety.

Taking measurements as frequently as every two minutes, Maven operates without having to manually draw samples out of the bioreactor due to its aseptic sampling probe.

This approach preserves precious media and product and reduces the risk of cell culture contamination.

Maven precisely monitors nutrient and metabolite concentrations at low levels—0.01 g/L of glucose and 0.05 g/L of lactate.

This is especially beneficial in cell therapy applications where tight control of cell culture conditions is vital.

Since the launch of Maven in January 2023, we have sold more than 50 devices to global pharmaceutical organizations and to collaboration partners.

In addition to providing real-time measurements, Maven comes with integrated proportional-integral-derivative, or PID, and on/off controllers that enable out-of-the-box feeding automation.

The Maven is Good Manufacturing Practices, or GMP, compliant, takes up a small footprint, and in keeping with our focus on simplicity, is easy to use.

Maven can be used in concert with our at-line Rebel device, which quantitates over 30 analytes, to improve and optimize cell culture feeding strategies.

The Trace C2 provides on-line monitoring of methanol or ethanol and control of substrate feeding in fermentation processes.

Integrated into the device is an aseptic sampling probe that enables sampling with no loss of bioreactor volume and no increased risk of process contamination.

The device includes a dedicated on-board peristaltic pump and an integrated PID controller that can be used for feeding substrates without any additional auxiliary equipment.

The Trace C2 and related sampling products were developed by Trace Analytics GmbH, which we acquired in August of 2022.

Our ZipChip solution is a plug-and-play, high-resolution separation platform that optimizes Mass Spec sample analysis.

Our ZipChip platform consists of a ZipChip Interface, which is installed into a conventional Mass Spec instrument, and consumable microfluidic chips, or ZipChips.

We designed this technology to be compatible with third party Mass Spec instruments.

Powered by our integrated microfluidic technology, the ZipChip platform allows researchers to consolidate a host of time-consuming biotherapeutic, metabolomic, and proteomic applications typically run on multiple instruments or configurations onto a single platform.

With ZipChip, researchers can switch applications in minutes, instead of hours typical with an alternative such as liquid chromatography.

Since launch of the ZipChip platform in March 2016, we have sold more than 245 ZipChip Interfaces and have established 28 multi-unit accounts in leading, global pharmaceutical organizations and academic institutions.

Our ZipChip platform is compatible with market-leading conventional Mass Spec instruments found in laboratories worldwide.

As an open-access discovery platform that can interface with more than 10,000 conventional Mass Spec instruments, ZipChip provides us the ability to leverage the growing list of newly established applications and publications from customers who have incorporated the device into their projects.

By incorporating select assays investigated on the ZipChip by customers into our MX908 and Rebel devices, we can create an evolving pipeline of new customer-driven, point-of-need Mass Spec applications as the scope of analytes our devices can detect and analyze will continue to expand.

We have already incorporated a number of the customer-driven assays in our MX908 and Rebel devices, and we are investigating several more for our future product pipeline.

ProtectIR enables hazmat response teams, military, and first responders to analyze bulk substances in seconds and requires minimal user inputs.

The VipIR is a handheld 3-in-1 analyzer that integrates FTIR, Raman spectroscopy and Smart Spectral Processing (SSP), a proprietary algorithm, to provide a single result from just one sample.

The VipIR is designed to simplify bulk chemical analysis workflows, is ideal for identifying complex mixtures, and is purpose-built for customs and border organizations and Hazmat response teams.

With an expansive library of 39,000+ chemical spectra, the device can identify a wide range of solid and liquid substances, including drugs, explosives, toxic chemicals and other unknown chemicals.

The device also incorporates several sampling methods, including a single interface for FTIR, Raman and SSP;

an integrated Raman probe;

and an integrated vial holder.

The VipIR has built-in Wi-Fi and cellular connectivity for fast data uploads, streamlined reporting and fleet management via the 908 Devices’ Team Leader app.

Consumables and Services

Handheld Devices

Our MX908 and FTIR devices come with a standard warranty for up to one year from purchase.

2 unchanged sentences

The annual and extended warranty service plans provide the customer the ability to contact us to assist in validating their results given the severity and context of the situations in which our devices operate.

Our technical support, also known as our Reachback program, allows any participating MX908 and FTIR device user to email, text, or call a 908 Devices Scientific Support Team member to receive support 24 hours per day, 365 days per year to ensure their device is working as intended.

Our technical support, also known as our Reachback program, allows any participating device users to email, text, or call a 908 Devices Scientific Support Team member to receive support 24 hours per day, 365 days per year to ensure their device is working as intended.

The Scientific Support Team is staffed by M.Sc.

5 unchanged sentences

Our customers value the low-logistics tail of our MX908.

Desktop Devices

Annual and extended warranty and service plans are available for the Rebel, Maven, Maverick, ZipChip Interface, and Trace C2 devices.

Rebel’s operation requires a consumable kit that includes a microfluidic and separation chip, electrolytes, and performance qualification and calibration standards.

Currently, customers of Rebel who are actively utilizing the device are consuming on average approximately half of a 200-sample kit per month.

With continuous operation, the Rebel is capable of consuming approximately one 200-sample kit per day.

We also offer an annual certification kit for the Rebel.

The certification kit is shipped to the customer, who loads the provided samples, and executes a certification protocol.

The system is remotely qualified and certified based on the data acquired meeting factory specifications.

Calibration kits are required for the Maverick.

We offer a variety of kits for the ZipChip Interface that include microfluidic ZipChips and different reagents optimized for a wide scope of applications.

These kits include intact antibody, charge variance, metabolomics, peptide and oligonucleotides.

Consumable sets of buffers, probes and biosensors are required for the Maven, Trace C2 and related sampling devices.

We sell our products worldwide through an experienced direct sales force as well as through domestic and international channel partners.

Our customers are primarily in the pharmaceutical and biotech market, the government market and to a lesser extent, the academic market.

Our customers are primarily in the government market and to a lesser extent, the life sciences market.

Primary users of our handheld devices include law enforcement, military and civilian first responders, and customs and border protection personnel.

Primary users of our desktop devices include process development scientists, process engineers, and research scientists.

Manufacturing and Supply

Our manufacturing strategy has two components:

to outsource subassemblies or assemblies to domestic contract manufacturers where it is cost and capital favorable, and to use our internal manufacturing facilities for the balance of our production needs.

Our primary in-house manufacturing facilities are located at our headquarters in Boston, Massachusetts, in Danbury, Connecticut, for our FTIR products and in Morrisville, North Carolina, for our desktop consumables.

Our Boston and Morrisville facilities are ISO 9001:2015 certified and include approximately 7,800 combined square feet of configurable production assembly floor, 1,800 square feet of advanced machining space in Boston, and 3,500 combined square feet of configurable cleanroom.

The MX908, Rebel, Maverick and ZipChip Interface are manufactured, tested and shipped from our Boston facility.

The ThreatID, ProtectIR and XplorIR are manufactured, tested and shipped from our Danbury facility.

The Maven and related sampling devices are manufactured, tested and shipped from our Braunschweig facility.

Several custom components are fabricated by third party suppliers, including printed circuit boards and cables, and metal and plastic mechanical components.

The assembly of technology-sensitive components such as our proprietary vacuum pumps and ion trap/ionization module is completed in-house.

Currently, our Boston manufacturing facility is capable of supporting the production of approximately 2,000 MX908, Rebel, Maverick and ZipChip Interface units combined per year.

When our annual sales exceed 2,000 units, we expect that we would need to either expand our in-house production operations, or transfer some or all aspects of assembly to contract manufacturers, to accommodate larger run-rates.

In addition, our Danbury manufacturing facility can support the production of approximately 1,000 ThreatID, ProtectIR and XplorIR units combined per year and has additional capacity to support expansion of our handhelds, including manufacturing the MX908.

We believe there are numerous domestic and international contract manufacturers that could be qualified to produce the MX908, ThreatID, ProtectIR, XplorIR, Rebel, Maverick and/or ZipChip Interface when third party demand for our products outpace our current manufacturing capacity.

The autosampler subassembly of the Rebel and ZipChip are supplied by a single supplier.

The Raman spectrometer, and optical probe and fiber assemblies, for Maverick are supplied by a single supplier.

The Maven device subassembly is supplied by a single supplier under a contract manufacturing arrangement.

Our manufacturing strategy is primarily focused on in-house assembly and test of our products, with outsourcing to domestic contract manufacturers where it is cost and capital favorable.

Our primary in-house manufacturing facility is located in Danbury, Connecticut, and is where both our Mass Spec and optical devices are manufactured.

The manufacturing activity is supported by our precision machining facilities in Stamford, Connecticut and Georgetown, Massachusetts.

All facilities are ISO 9001:2015 certified.

Our devices are manufactured, tested and shipped from our Danbury manufacturing facility.

Several custom components are fabricated by third party suppliers, including printed circuit boards and cables, and some metal and plastic mechanical components.

The assembly of technology-sensitive components such as our proprietary vacuum pumps, ion trap/ionization module, and FTIR interferometer modules are completed in-house.

Currently, our Danbury manufacturing facility with existing staffing level can support the production of approximately 1,000 Mass Spec devices and 1,000 optical devices per year, and has additional capacity available, with the appropriate staffing to manufacture up to a total of 5,000 combined devices.

In the event that third party demand for our products outpaces our current manufacturing capacity, we believe there are numerous domestic and international contract manufacturers that could be qualified to manufacture our products.

We are continuously evaluating and updating our supply chain to ensure our ability to respond to customer demand for our products.

For example, we have relationships with a number of machine shops and electronics suppliers that can provide components for our devices, including components currently provided by a single source.

For example, in addition to our internal precision machining capability, we have relationships with a number of machine shops and electronics suppliers that can provide components for our devices, including components currently provided by a single source.

We also have supply agreements in place for critical and/or single-sourced subassemblies such as our Raman spectrometer module.

We plan to continue the diversification of our supply chain as we scale.

We use our annual demand planning to assess initial device needs for each year, and we update and reassess those estimates as needed, including with respect to the levels of inventory that we believe will be required to support anticipated customer demand.

In November 2024, we announced that we plan during 2025 to move our handheld manufacturing, including the MX908, to our existing facility in Danbury, CT, and to move our desktop manufacturing, including the Rebel, Maverick and ZipChip interface, to our existing facility in Morrisville, NC.

These actions will allow us to materially reduce the size of our facility in Boston, MA, and the higher costs associated with this location.

The NC and CT locations can absorb this additional manufacturing without the need to expand their facilities.

The MX908 incorporates a number of non-proprietary consumables that are commercial-off-the-shelf available and sourced from a number of reputable suppliers.

1 unchanged sentence

While we believe that alternatives are available, it would take time to identify and validate replacement swab samples, which could compromise our ability to supply these to our MX908 customers on a timely basis.

In 2024, we completed the transfer of our consumable kit and microfluidic chip manufacturing from our Boston cleanroom facilities to our Morrisville cleanroom facilities.

Consumable kits for the Rebel and ZipChip Interface include electrolytes, standards, and microfluidic chips.

As of December 31, 2024, all assay kits and standards are assembled in our Morrisville cleanroom facilities.

Component reagents and standards are widely available from multiple suppliers.

As of December 31, 2024, our microfluidic chips are produced and assembled in our Morrisville cleanroom facilities.

The substrate is supplied by a single supplier.

While we believe that alternative suppliers would be available, it would take time to identify and qualify alternate suppliers and transfer design requirements to them, which could negatively affect our ability to supply these chips to our Rebel and ZipChip customers on a timely basis.

Sales and Marketing

We distribute our devices and consumables via direct field sales and support organizations located in North America and through a combination of our own sales force and more than 60 third party channel partners in domestic and international markets which include Australia, Canada, China, Czech Republic, Germany, Japan, Saudi Arabia, Singapore, Turkey, and the United Kingdom, or UK.

We distribute our devices and consumables via direct field sales and support organizations located in North America through a combination of our own sales force and more than 64 third party channel partners in domestic and international markets.

In North America, we use channel partners to provide our products to end customers where a contract vehicle is required.

Since the commercial launch of our first handheld, the installed base of our devices has grown to more than 3,500 devices across more than 63 countries.

Since the commercial launch of our first handheld, the installed base of our devices has grown to more than 3,700 devices worldwide.

Our domestic sales force and international partners inform our current and potential customers of current product offerings, new target applications, and advances in our technologies and products.

1 unchanged sentence

As of December 31, 2025, we had 35 people employed in sales, sales support and marketing.

This staff is primarily located in the United States, but we have also hired internationally at our facility in Braunschweig, Germany, and in other countries using a professional employment organization, to support our sales and applications efforts.

We intend to expand our sales, support, and marketing efforts in regions where we believe that there is significant opportunity, including Europe, the Middle East, Asia-Pacific countries such as India and South Korea as well as other areas such as Australia and South America.

We plan to continue to expand into these regions via initial penetration with channel partners and then subsequent support with direct sales and support personnel.

This staff is primarily located in the United States, but we have also hired internationally using a professional employment organization, to support our sales and applications efforts.

We intend to expand our sales, support, and marketing efforts in regions where we believe that there is significant opportunity, including Europe, the Middle East, and Asia-Pacific as well as other areas such as Australia and South America.

We plan to continue to expand into these regions via initial penetration with channel partners and then subsequent support with direct sales, application and support personnel.

Our business model is focused on driving the adoption of our products and maximizing use across our customers’ value chains.

This is enabled through customer trials and partnerships that allows us to further understand the critical applications for our technology and inform our future developments and market expansion.

Our MX908, ThreatID, ProtectIR and XplorIR devices often are sold to governmental institutions and other customers that require participation in a tender process that involves preparation of extensive documentation and a lengthy review process.

Our devices are often sold to governmental institutions and other customers that require participation in a tender process that involves preparation of extensive documentation and a lengthy review process.

As a result of these factors, and the budget cycles of our customers, our sales cycle can often be six to twelve months, or longer.

Our Rebel and Maverick devices are relatively new to the life science marketplace and require a capital investment by our customers.

The sales process typically involves numerous interactions and demonstrations with multiple people within an organization.

Some potential customers conduct in-depth evaluations of the system, including running experiments at our Boston headquarters and comparing results from alternative systems and technologies.

Service and Support

8 unchanged sentences

We also release updates and additions to our library of spectral images enabling identification of additional chemicals.

Our Maven, Maverick, MX908 and ZipChip Interface devices are covered under a return-to-factory warranty model for repairs.

Our devices are covered under a return-to-factory warranty model for repairs.

Depending on availability, loaner units are made available to minimize downtime with our customers.

3 unchanged sentences

Additional training days are available on a per diem basis.

For our desktop devices, we offer an advanced training and applications training to assist customers in implementing their required applications with our device.

Research and Development

8 unchanged sentences

Accordingly, our research and development team possesses functional expertise in critical areas such as:

● chemistry, biochemistry, physics of Mass Spec and separations and sample processing;

● Analytical chemistry, physics of Mass Spectrometry and spectroscopy, and optical design;

● embedded, desktop and mobile software engineering;

4 unchanged sentences

● ultra-efficient pumping and pneumatics engineering.

● microfluidic design, and volume fabrication at the micro- and meso-scale.

The majority of our research and development operations are conducted in our Boston facility and our Danbury facility.

We also conduct additional research and development operations out of our facility in Morrisville to support assay development for Rebel, Maverick and ZipChip, and out of our facility in Braunschweig, Germany to support assay development of our Maven and related products and aseptic sampling development.

We have a range of competitors extending from small, privately held companies with single-point solutions to large, publicly-held corporations, including those with a portfolio of Mass Spec products, such as Agilent, Bruker, Danaher, Inficon, Teledyne, Endress & Hauser, PerkinElmer, Shimadzu, Thermo Fisher Scientific, and Waters Corp.

Our research and development operations are conducted in our Burlington, Massachusetts facility and our Danbury, Connecticut facility.

We have a range of competitors extending from small, privately held companies with single-point solutions to large, publicly-held corporations, including those with a portfolio of Mass Spec and/or spectroscopy products, such as Agilent, Bruker, Danaher, Inficon, Teledyne, Rigaku, and Thermo Fisher Scientific.

Many of these companies have greater resources and market presence than we do.

11 unchanged sentences

Our patent strategy is to seek broad protection on fundamental enabling technologies, and layer on additional patents on specific implementations or methods of operation critical to our present and anticipated products, and to prevent competitive operation.

While our expertise in signal processing and machine learning is critical to our success, we typically keep these inventions as trade secrets to avoid public disclosure.

Some high value consumables have been engineered with clandestine product integrity features to inhibit duplication or counterfeiting efforts of our intellectual property.

We provide our products to customers pursuant to terms and conditions that impose restrictions on use and disclosure.

3 unchanged sentences

Michael Ramsey, Professor Emeritus of Chemistry at the University of North Carolina.

As of December 31, 2024, our owned patent assets included approximately 19 U.S.

patents, no pending U.S.

patent applications, 43 foreign patents and four pending foreign patent applications in various foreign jurisdictions, including Australia, Austria, Canada, China, France, Germany, the European Union, or EU, Hong Kong, Israel, Japan, South Korea, Singapore, Switzerland and Taiwan.

The subject matter covered by our owned patent assets includes core aspects of compact Mass Spec technology, a design for a handheld Mass Spec device, a design for a modular Mass Spec chamber, patents for multiple ionization modes and adaptive pressure operation within survey period, the determination of preferred ionization mode, adaptive resolution control, adaptive operation to reduce power consumption, and the detection of positive and negative ions.

As of December 31, 2024, our in-licensed patent assets included approximately 30 U.S.

patents, no pending U.S.

patent applications, 22 foreign patents, and two pending foreign patent applications.

As of December 31, 2025, our owned patent assets included approximately fourteen (14) U.S.

patents, two (2) pending U.S.

patent applications, ten (10) foreign patents and five (5) pending foreign patent applications, including China, Germany, Japan, the United Kingdom, and the European Union.

The subject matter covered by our owned patent assets includes core aspects of compact Mass Spec technology, a design for a handheld Mass Spec device, a design for a

modular Mass Spec chamber, patents for multiple ionization modes and adaptive pressure operation within survey period, the determination of preferred ionization mode, adaptive resolution control, adaptive operation to reduce power consumption, the detection of positive and negative ions, and various sampling devices and methods.

As of December 31, 2025, our in-licensed patent assets included approximately thirty (30) U.S.

patents, one (1) pending U.S.

patent application, eighteen (18) foreign patents, and one (1) pending foreign patent applications.

The subject matter covered by our in-licensed patent assets includes a microfabricated ionization source and a microfabricated ionizer chip, microscale Mass Spec systems, devices and related methods, a miniature charged particle trap with an elongated trapping region for Mass Spec, high pressure Mass Spec signal enhancement by means of convective transport, electrospray ionization interface to high pressure Mass Spec, a method of sample injection for chemical separations in microfluidic devices, integrated sample processing for electrospray ionization devices, and microchips with integrated multiple electrospray ionization emitters and related methods, systems and devices.

In March 2025, we sublicensed certain of these patent assets to Repligen Corporation (“Repligen”) in conjunction with the sale of our desktop portfolio to Repligen.

Excluding any patent term extension, the currently issued 908 Devices-owned patents are expected to expire between 2028 to 2035.

1 unchanged sentence

We also seek to protect our brand through procurement of trademark rights.

As of December 31, 2024, we owned nine registered trademarks in the United States, 17 registered foreign trademarks, four U.S.

pending trademark applications, and one pending foreign trademark application.

Our registered trademarks and pending trademark applications include trademarks for 908 Devices, Rebel, MX908, ZipChip, Maven, Maverick, and our logo.

As of December 31, 2025, we owned five (5) registered trademarks in the United States and fourteen (14) registered foreign trademarks, and had two (2) U.S.

pending trademark applications and no pending foreign trademark applications.

Our registered trademarks and pending trademark applications include trademarks for 908 Devices, MX908, VipIR, XplorIR and our logo.

In order to supplement protection of our brand, we have also registered several internet domain names.

University of North Carolina, Chapel Hill

In June 2012, we entered into a license agreement, which was subsequently amended in April 2013 and August 2014, and then amended and restated in May 2015, which we refer to in this Annual Report on Form 10-K as the UNC Agreements, with the University of North Carolina, Chapel Hill, or UNC, pursuant to which UNC granted us an exclusive, sublicensable, worldwide license to develop, manufacture, use, and commercialize products, services and methods, covered by certain patent rights owned by UNC, including patents related to a microfabricated ionization source and a microfabricated ionizer chip.

In June 2012, we entered into a license agreement, which was subsequently amended in April 2013 and August 2014, and then amended and restated in May 2015, which we refer to in this Annual Report on Form 10-K as the UNC Agreement, with the University of North Carolina, Chapel Hill, or UNC, pursuant to which UNC granted us an exclusive, sublicensable, worldwide license to develop, manufacture, use, and commercialize products, services and methods, covered by certain patent rights owned by UNC, including patents related to a microfabricated ionization source and a microfabricated ionizer chip.

We issued an aggregate of 110,626 shares of our common stock to UNC, which had an aggregate fair value at the time of issuance of approximately $37,800.

Additionally, we must pay UNC a low single digit percentage royalty on our net sales of any products that are covered by a valid claim of the licensed patents, subject to an annual minimum royalty payment of $30,000.

We are also obligated to pay UNC a low double-digit percentage of certain royalty income received from our sublicensees.

To date, we have not issued any sublicenses under the UNC Agreements.

We are obligated to use commercially reasonable efforts to develop, manufacture and commercialize the Licensed Products and achieve defined milestones within the UNC Agreements.

There are no future milestone payments to be made by the Company under the UNC Agreements.

We are responsible for all reasonable, documented patent expenses incurred during the life of the UNC Agreements and associated costs associated with the preparation, filing, prosecuting, issuance and maintenance of all patent applications and patents included within the patent rights covered by the UNC Agreements.

In addition, we have the option to exclusively license UNC rights in improvements to the license patents and related portfolio, by paying $10,000 per improvement.

The UNC Agreement will continue until the expiration of the last to expire patent or last to be abandoned patent application that is licensed to us, unless terminated earlier in accordance with the terms of the UNC Agreements.

There are current patent applications pending under the UNC Agreements so we expect the UNC Agreements will continue through at least 2039.

We may terminate the UNC Agreements by providing advance written notice of 60 days as specified therein.

UNC may terminate the UNC Agreements if we violate or fail to perform any terms of the UNC Agreements and we fail to cure such violation or failure within 90 days of notice thereof from UNC.

Chemical detection, identification, and authentication technologies are of value to military, governmental, and law enforcement organizations worldwide.

In March 2025, we issued a sublicense to Repligen under the UNC Agreement, whereby we are obligated to pay UNC a low double-digit percentage of certain royalty income received from our sublicensees.

We are responsible for all reasonable, documented patent expenses incurred during the life of the UNC Agreement and associated costs associated with the preparation, filing, prosecuting, issuance and maintenance of all patent applications and patents included within the patent rights covered by the UNC Agreement.

There are current patent applications pending under the UNC Agreement so we expect the UNC Agreement will continue through at least 2037.

We may terminate the UNC Agreement by providing advance written notice of sixty (60) days as specified therein.

UNC may terminate the UNC Agreement if we violate or fail to perform any terms of the UNC Agreements and we fail to cure such violation or failure within 90 days of notice thereof from UNC.

Chemical detection and identification technologies are of value to military, governmental, and law enforcement organizations worldwide.

As a result, our products and technologies are subject to export control laws and regulations, which are imposed to ensure that sensitive technologies are withheld from unfriendly governments, terrorists or criminal organizations.

17 unchanged sentences

trade regulations administered by the Office of Foreign Assets Control, or OFAC, of the U.S.

Department of the Treasury, we are generally prohibited from engaging in transactions involving sanctioned countries, as well as certain persons and entities that have been designated for targeted sanctions by OFAC.

Department of the Treasury, we are generally prohibited from engaging in direct or indirect transactions or dealings involving sanctioned countries, as well as certain persons and entities that have been designated for targeted sanctions by OFAC.

EAR and ITAR also impose export restrictions targeted at identified persons and entities, and we are required to comply with these restrictions as well.

Violations of the ITAR, EAR, and OFAC requirements can result in significant fines, penalties, denial of export privileges, and even terms of imprisonment for the individuals involved.

In addition, the U.S.

Food and Drug Administration, or FDA, regulates, among other things, the research, development, testing, manufacturing, clearance, approval, labeling, storage, recordkeeping, advertising, promotion, marketing, distribution, post-market monitoring and reporting, and import and export of medical devices.

Our products are currently marketed as research use only, or RUO.

Products such as ours that are marketed for RUO are not intended for use in a clinical investigation or for clinical diagnostic use outside an investigation and must be labeled “For Research Use Only.

Not for use in diagnostic procedures.” Products that are intended for RUO and are properly labeled as RUO are exempt from compliance with the FDA’s requirements applicable to medical devices more generally, including the requirements for clearance or approval and compliance with manufacturing requirements known as the Quality System Regulation.

A product labeled RUO but intended to be used diagnostically may be viewed by the FDA as adulterated and misbranded under the Federal Food, Drug, and Cosmetics Act and subject to FDA enforcement activities.

RUO products cannot make any claims related to safety, effectiveness or diagnostic utility and they cannot be intended for human clinical diagnostic use.

The FDA will also evaluate the totality of the circumstances to determine if the product is intended for diagnostic purposes.

If the FDA were to determine, based on the totality of circumstances, that our products labeled and marketed for RUO are intended for diagnostic purposes, they would be considered medical devices that will require clearance or approval prior to commercialization.

Although we currently market our products as RUO, we may in the future make the decision to market them for clinical or diagnostic purposes, or may develop other different products intended for clinical or diagnostic purposes, which would result in the application of a more onerous set of regulatory requirements.

Human Capital

8 unchanged sentences

We were incorporated in Delaware in 2012 as 908 Devices Inc.

Our offices are located at 645 Summer Street, Boston, Massachusetts 02210.

Our offices are located at 44 3rd Avenue, Burlington, Massachusetts 01803.

Our telephone number is (857) 254-1500.

We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act.

As a result, we are permitted to rely on exemptions from certain disclosure requirements that are applicable to other companies that are not emerging growth companies.

For so long as we are an emerging growth company, we will not be required to (i) engage an independent registered public accounting firm to report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, (ii) submit certain executive compensation matters to stockholder advisory votes, or (iii) disclose certain executive compensation related items.

We may continue to be an “emerging growth company” until December 31, 2025, though we may cease to be an “emerging growth company” earlier under certain circumstances, including if (i) we have more than $1.235 billion in annual gross revenue in any fiscal year, (ii) we become a “large accelerated filer” as a result of the market value of our common stock that is held by non-affiliates being greater than or equal to $700 million as of any June 30, or (iii) we issue more than $1.0 billion of non-convertible debt over a three-year period.

Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period, provided in Section 13(a) of the Exchange Act, for complying with new or revised accounting standards.

In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.

We have elected to use this extended transition period for complying with new or revised accounting standards until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.

As a result, our financial statements and the reported results of operations contained therein may not be directly comparable to those of other public companies.

We are also a “smaller reporting company,” as defined in Regulation S-K.

We may continue to be a smaller reporting company if either (i) market value of our stock held by non-affiliates is less than $250 million as of the last business day of our second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700 million as of the last business day of our second fiscal quarter.

If we are a smaller reporting company at the time, we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies.

Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

Available Information

5 unchanged sentences

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