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Except as set forth below, there have been no material changes from the risk factors previously disclosed in our annual report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.
−Removed: We are not in compliance with multiple of Nasdaq’s continued listing requirements and if we are unable to regain compliance with the listing requirements, our common stock will be delisted from Nasdaq which could have a material adverse effect on our financial condition and could make it more difficult for stockholders to sell their shares.
+Added: We are subject to Nasdaq's continued listing requirements.
+Added: We have in the recent past failed to satisfy one or more of the requirements, and if we fail to satisfy one or more of the requirements in the future, we may be delisted from Nasdaq.
Our common stock is listed on Nasdaq, and we are therefore subject to its continued listing requirements, including requirements with respect to the market value of publicly held shares, market value of listed shares, minimum bid price per share, and minimum stockholder’s equity, among others, and requirements relating to board and committee independence.
If we fail to satisfy one or more of the requirements, we may be delisted from Nasdaq.
−Removed: On May 23, 2025, we received a letter from the Staff of the Listing Qualifications Department of Nasdaq notifying us that we do not presently comply with Nasdaq’s Listing Rule 5550(b)(1) (the “Equity Rule”), which requires that we maintain a minimum of $2.5 million in stockholders’ equity, and that we also do not meet the alternatives of market value of listed securities or net income from continuing operations set forth in the Equity Rule.
−Removed: We submitted a plan to regain compliance, which was accepted, and accordingly the Staff granted an extension of up to 180 calendar days from May 23, 2025, (or November 19, 2025) to evidence compliance.
−Removed: If we are unable to regain compliance prior to November 19, 2025, the Staff will provide written justification to us that our common stock may be delisted.
−Removed: We would then be entitled to appeal the Staff's determination to a Nasdaq Listing Qualifications Panel and request a hearing.
−Removed: There can be no assurance that, if we do appeal the delisting determination to a Nasdaq Listing Qualifications Panel such appeal would be successful.
−Removed: On June 27, 2025, we received another deficiency letter from the Staff notifying us that for the last 30 consecutive business days the bid price for our common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”).
−Removed: In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the “Compliance Period Rule”), we have been provided an initial period of 180 calendar days, or until December 24, 2025 (the “Compliance Date”), to regain compliance with the Bid Price Rule.
−Removed: If, at any time before the Compliance Date, the bid price for our common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to us that we comply with the Bid Price Rule, unless the Staff exercises its discretion to extend this 10 day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H).
−Removed: If we are not in compliance with the Bid Price Rule by December 24, 2025, we may be afforded a second 180 calendar day period to regain compliance.
−Removed: To qualify, we would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, except for the minimum bid price requirement.
−Removed: In addition, we would be required to notify Nasdaq of our intent to cure the minimum bid price deficiency, which may include, if necessary, implementing a reverse stock split.
−Removed: If we do not regain compliance with the Bid Price Rule by the Compliance Date and are not eligible for an additional compliance period at that time, the Staff will provide written notification to us that our common stock may be delisted.
−Removed: We would then be entitled to appeal the Staff’s determination to a Nasdaq Listing Qualifications Panel and request a hearing.
−Removed: There can be no assurance that, if we do appeal the delisting determination by the Staff to the Nasdaq Listing Qualifications Panel, such appeal would be successful.
+Added: During 2025, we received notices that we were not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Equity Rule”), which requires that we maintain a minimum of $2.5 million in stockholders’ equity, and Nasdaq Listing Rule 5550(a)(2), which related to the bid price for our common stock being below the minimum $1.00 per share (the “Bid Price Rule”).
+Added: On December 15, 2025, we received a letter from Nasdaq confirming that we had regained compliance with the Bid Price Rule because the closing bid price of the Company’s common stock was $1.00 per share or greater for the 10 consecutive business days from December 1, 2025, through December 12, 2025.
+Added: On January 6, 2026, we received notice that we had regained compliance with the Equity Rule and that the Company was in compliance with all applicable continued listing standards.
+Added: Although we are currently in compliance with all Nasdaq continued listing standards, there is no assurance that we will be able to maintain such compliance in the future.
Delisting from Nasdaq would adversely affect our ability to raise additional financing through the public or private sale of equity securities, may significantly affect the ability of investors to trade our securities and may negatively affect the value and liquidity of our common stock.
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Further, we would likely become a “penny stock”, which would make trading of our common stock more difficult.
−Removed: Our ability to regain compliance with Nasdaq ’ s bid price requirements may be hindered by the future exercises of the outstanding warrants.
−Removed: As discussed in the prior risk factor, on June 27, 2025, we received a deficiency letter from the Staff of the Listing Qualifications Department of Nasdaq notifying us that for the last 30 consecutive business days the bid price for our common stock had closed below the minimum $1.00 per share requirement for continued inclusion on Nasdaq.
−Removed: We have a significant number of outstanding warrants with exercise prices significantly below the $1.00 minimum bid price requirement.
−Removed: The future exercise of these warrants may depress our common stock price.
−Removed: In addition, if the exercise price adjustment provisions of the Series E and Series F warrants are triggered in the future, which would cause a reduction in the exercise price of such warrants (subject to the floor price) and, solely with respect to the Series E warrants, a proportionate increase in the number of shares underling the Series E warrants, such event may further depress our common stock price.
−Removed: In order to increase our common stock price, we may in the future complete a reverse stock split.
−Removed: If we complete a reverse stock split and the lowest daily volume weighted average price during the period commencing five consecutive trading days immediately preceding and the five consecutive trading days commencing on the date of such split is less than the exercise price of the Series E warrants and/or Series F warrants then in effect, then the exercise price of such warrants will be reduced to the lowest daily volume weighted average price during such period.
−Removed: In addition, solely with respect to the Series E warrants, the number of shares issuable upon exercise will be proportionately adjusted such that the aggregate price will remain unchanged, subject to the floor price.
−Removed: This future potential adjustment of the Series E warrants may significantly increase the number of shares of common stock underlying the Series E warrants and cause dilution to our shareholders.
−Removed: We will require additional financing in the near term, which financing may result in the reduction of the exercise price of the Series E warrants and Series F warrants and the increase in the number of shares underlying the Series E warrants, which would dilute the ownership interest of our stockholders.
+Added: We will require additional financing in the near term, which financing may result in the reduction of the exercise price of certain of our warrants.
Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is expensive.
We will require substantial additional future capital in order to complete clinical development and commercialize Annamycin.
−Removed: Our Series E warrants and Series F warrants provide that if, while such warrants are outstanding, we sell any common stock and/or common stock equivalents other than in connection with certain exempt issuances, at a purchase price per share less than the exercise price of the warrants in effect immediately prior to such sale, then immediately after such sale the exercise price of the Series E warrants and/or Series F warrants then in effect will be reduced to an amount equal to the new issuance price.
−Removed: In addition, solely with respect to the Series E warrants, the number of shares issuable upon exercise of the Series E warrants will be proportionately adjusted such that the aggregate price will remain unchanged, subject to the floor price.
−Removed: The floor price of the Series E warrants is $0.12, and the total number of shares potentially issuable under the Series E warrants if the exercise price of the Series E warrants was reduced to the floor price would be 83,556,723 shares of common stock as of the date of this report.
+Added: Our Series G warrants and Series H warrants, which combined represent the potential issuance of 8,978,779 shares of common stock, provide that if, while such warrants are outstanding, we sell any common stock and/or common stock equivalents other than in connection with certain exempt issuances, at a purchase price per share less than the exercise price of the warrants in effect immediately prior to such sale, then immediately after such sale the exercise price of the Series G warrants and/or Series H warrants then in effect will be reduced to an amount equal to the new issuance price, subject to floor prices of $1.326 and $0.962, respectively.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
−Removed: Other than as previously disclosed in our Current Report on Form 8-K on August 29, 2025, we did not sell any unregistered equity securities during the fiscal quarter ended September 30, 2025.
+Added: Other than as previously disclosed in our Current Report on Form 8-K on February 20, 2026 , we did not sell any unregistered equity securities during the fiscal quarter ended March 31, 2026 .
DEFAULTS UPON SENIOR SECURITIES
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.