Monopar Therapeutics

To the Stockholders and Board of Directors of Monopar Therapeutics Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Monopar Therapeutics Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Monopar Therapeutics Inc. as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to Monopar Therapeutics Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Monopar Therapeutics Inc. is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

Classification of Pre‑Funded Warrants

As described in Notes 2 and 4 to the consolidated financial statements, the Company issued pre-funded warrants in September 2025 and evaluated their classification as either equity or liability instruments. The classification of warrants requires an assessment of whether the instruments are indexed to the Company’s own stock and whether the terms could require net cash settlement under circumstances outside the Company’s control, in accordance with ASC 815-40, Contracts in Entity’s Own Equity. Warrants that meet the criteria for equity classification are recorded in additional paid-in capital and are not subsequently remeasured, whereas liability-classified warrants are recorded at fair value with subsequent changes recognized in earnings.

The Company concluded that the September 2025 pre-funded warrants meet the criteria for equity classification and recorded them within additional paid-in capital.

We identified the evaluation of the accounting and classification of the September 2025 pre-funded warrants as a critical audit matter. This matter involved especially challenging and complex auditor judgment due to the need to interpret the contractual terms of the warrants and apply the detailed guidance in ASC 815-40. Specifically, significant judgment was required to assess whether certain provisions could result in net cash settlement and whether the warrants are considered indexed to the Company’s own stock. These determinations required a high degree of subjectivity in evaluating the legal form and substance of the agreements and their interaction with the applicable accounting guidance.

Addressing this matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, obtaining and reading the pre-funded warrant agreements; evaluating the key contractual provisions, including settlement and adjustment features; assessing management’s analysis and conclusions under ASC 815-40; involving professionals with specialized knowledge to assist in evaluating the application of the accounting guidance; and evaluating the appropriateness of the classification of the warrants as equity instruments in the consolidated financial statements.

/s/BPM LLP

We have served as Monopar Therapeutics Inc.’s auditor since 2015.

Santa Rosa, California

March 27, 2025