Moleculin Biotech, Inc.

During the period covered by this Quarterly Report, none of the Company’s directors or executive officers has adopted or terminated a Rule10b5-1 trading arrangement or a non-Rule10b5-1 trading arrangement (each as defined in Item408 of Regulation S-K under the Securities Exchange Act of1934, as amended).

On* November 12, 2025,we issued a consultant warrants to purchase400,000* shares of common stock with an exercise price of*$0.49* per share to an entity providing consulting services, which warrants will vest infour equal annual installments overfour years, subject to the entity's continued provision of consulting services to the Company. The warrant was issued pursuant to the exemption from the registration requirements of the Securities Act of1933 available under Section4(a)(2) thereunder.

On* November 12, 2025,the Compensation Committee of our board of directors approved, and we issued each of the independent members of our board of directors,ten-year options to purchase150,000* shares of our common stock with an exercise price of*$0.49* per share, which vestone year from the date of grant, provided the directors are serving on our board of directors on such vesting date.

On* November 12, 2025,the Compensation Committee of our board of directors approved, and we issued, in connection with our2024/2025* compensation year, Walter Klemp, our Chief Executive Officer; Jonathan P. Foster, our Chief Financial Officer; and Donald Picker, our Chief Science Officer: (i)ten-year options to purchase830,000 shares;600,000 shares; and200,000 shares, respectively, of our common stock with an exercise price of*$0.49* per share, which vest infour equal annual installments subject to the respective executive officer’s continued service with us as of each such vesting date; and (ii) performance stock units to acquire750,000 shares;400,000 shares; and200,000 shares, respectively, of our common stock, which vest upon the attainment of certain milestones related to our lead clinical trial.

In* July 2025,we entered into an at-the-market equity agreement (the2025* ATM Agreement) with Roth Capital Partners, LLC (Roth). Pursuant to the terms of the2025 ATM Agreement, we* mayoffer and sell shares of our common stock having an aggregate offering price of up to$6.5* million from time to time through or to Roth acting as our sales agent or principal. On* November 13, 2025,we sold500,000* shares of common stock pursuant to the2025 ATM agreement at an average price of*$0.444* per share. Pursuant to the terms of our Series F warrants, due to the issuance of shares pursuant to the2025 ATM Agreement at a price below the exercise price of such warrants, the exercise price of the Series F warrants was reduced to*$0.43* per share.