The Company reported a net loss of $66,000 and $534,000 for the three months ended September 30, 2026 and 2025, respectively, and a net loss of $396,000 and $1,775,000 for the six months ended September 30, 2026 and 2025, respectively. At September 30, 2026 and March 31, 2026, the Company’s accumulated deficit amounted to $201,377,000 and $200,981,000, respectively. The Company had working capital of $10,928,000 and $7,268,000 as of September 30, 2026 and March 31, 2026, respectively. The cash balance at September 30, 2026 and March 31, 2026 was $4,609,000 and $2,399,000, respectively. During the six months ended September 30, 2026 and 2025, net cash used in operating activities amounted to $1,385,000 and $2,650,000, respectively.

In connection with the Company’s ATM, during the six months ended September 30, 2026, the Company sold 289,303 shares of common stock for gross proceeds of $405,000 and net proceeds of $367,000 after deducting offering expenses.

On April 24, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Dawson James Securities, Inc. (the “Underwriter”). At the close of the offering and following exercise of all pre-funded warrants, the Company issued 2,962,963 shares of common stock. The Company received gross proceeds of $4,000,000 and net proceeds of $3,481,000 after deducting commissions and other offering expenses paid by the Company.

Management believes that the Company’s existing cash and proceeds from these offerings will be sufficient to fund its projected operating requirements for at least the next twelve months from the issuance date of these financial statements. Additionally, the Company has access to capital resources, which may include public or private equity offerings, debt financings, corporate collaborations, or other means, if and when appropriate to support strategic initiatives. However, there can be no assurance that such financings will be available on commercially acceptable terms, or at all, if pursued in the future. If the economic climate in the U.S. deteriorates, the Company’s ability to access additional capital could be negatively impacted. If the Company elects to pursue additional financing in the future, it may do so to support growth initiatives, extend its financial flexibility, or fund strategic opportunities. Any such activities could result in delays or changes to planned commercialization activities depending on timing and market conditions.