LIGHTBRIDGE Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
LTBR$4.53-6.4%Stored close · as of Nov 10, 2026
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Item 15. Exhibits and Financial Statement Schedules
(a) Documents filed as part of this Annual Report on Form 10-K.
| (1) | The following financial statements of Lightbridge Corporation and report of independent registered public accounting firm are included in this Annual Report on Form 10-K: |
| · | Consolidated Balance Sheets at December 31, 2025 and 2024 |
| · | Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024 |
| · | Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2025 and 2024 |
| · | Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 |
| · | Notes to Consolidated Financial Statements |
| · | Report of BDO USA, P.C. dated February 26, 2026 on the Company’s financial statements filed as a part hereof for the fiscal years ended December 31, 2025 and 2024. The independent registered public accounting firm’s consent with respect to this report appears in Exhibit 23 of this Annual Report on Form 10-K. |
| (2) | All schedules have been omitted because they are not required, not applicable or the information is otherwise included. |
| (3) | Exhibits - See “Exhibit Index” set forth on page 52. |
| ExhibitNumber | Description |
| 1.1 | Open Market Sale AgreementSM, dated June 5, 2025, by and between Lightbridge Corporation and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Form 8-K filed by the Company on June 5, 2025). |
| 3.1 | Articles of Incorporation of the Company, as amended through May 8, 2025 (incorporated by reference to Exhibit 3.3 to the Form 10-Q filed by the Company on May 12, 2025). |
| 3.2 | Second Amended & Restated Bylaws of Lightbridge Corporation, effective August 11, 2025 (incorporated by reference to Exhibit 3.2 to the Form 10-Q filed by the Company on August 13, 2025). |
| 4.1* | Description of Securities. |
| 4.2 | Specimen Certificate for Company’s Common Stock (incorporated by reference to Exhibit 4.1 to the Company’s registration statement on Form S-3 filed on April 1, 2013, File No. 333-187659). |
| 10.1** | Lightbridge Corporation 2015 Equity Incentive Plan, as amended (incorporated by reference to Appendix A to the definitive proxy statement filed on March 29, 2018, File No. 001-34487). |
| 10.2** | Form of Incentive Stock Option Agreement for Employees under the 2015 Equity Incentive Plan (incorporated by reference to Exhibit 99.2 to the Company’s Registration Statement on Form S-8, File No. 333-218796, filed on June 16, 2017). |
| 10.3** | Form of Non-Qualified Stock Option Agreement for Employees under the 2015 Equity Incentive Plan (incorporated by reference to Exhibit 99.3 to the Company’s Registration Statement on Form S-8, File No. 333-218796, filed on June 16, 2017). |
| 10.4** | Form of Non-Qualified Stock Option Agreement for Non-Employee Directors under the 2015 Equity Incentive Plan (incorporated by reference to Exhibit 99.4 to the Company’s Registration Statement on Form S-8, File No. 333-218796, filed on June 16, 2017). |
| 10.5** | Amended Lightbridge Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Appendix A to the definitive proxy statement filed on April 3, 2023). |
| 10.6** | Lightbridge Corporation 2020 Omnibus Incentive Plan, as amended on May 8, 2025 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on May 9, 2025). |
| 10.7** | Form of Non-Statutory Stock Option Agreement for Employees under the 2020 Omnibus Incentive Plan. (incorporated by reference to Exhibit 10.12 to the Form 10-K filed by the Company on March 25, 2021). |
| 10.8** | Form of Restricted Stock Unit Award Agreement for Employees under the 2020 Omnibus Incentive Plan. (incorporated by reference to Exhibit 10.13 to the Form 10-K filed by the Company on March 25, 2021). |
| 10.9** | Form of Restricted Stock Unit Award Agreement for Non-Employee Directors under the 2020 Omnibus Incentive Plan. (incorporated by reference to Exhibit 10.14 to the Form 10-K filed by the Company on March 25, 2021). |
| 10.10** | Form of Restricted Stock Award Agreement under the 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.14 to the Form 10-K filed by the Company on March 31, 2022). |
| 10.11** | Form of Performance-Based Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 to the Form 10-Q filed by the Company on May 12, 2025). |
| 10.12** | Form of Performance-Based Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on August 29, 2025). |
|---|---|
| 10.13** | Employment Agreement, dated August 8, 2018, between the Company and Seth Grae (incorporated by reference to Exhibit 10.2 to the Form 10-Q filed by the Company on August 9, 2018). |
| 10.14** | Employment Agreement, dated August 8, 2018, between the Company and Andrey Mushakov (incorporated by reference to Exhibit 10.3 to the Form 10-Q filed by the Company on August 9, 2018). |
| 10.15** | Employment Agreement, dated August 8, 2018, between the Company and Larry Goldman (incorporated by reference to Exhibit 10.4 to the Form 10-Q filed by the Company on August 9, 2018). |
| 10.16** | Form of Indemnification Agreement (August 2018) (incorporated by reference to Exhibit 10.5 to the Form 10-Q filed by the Company on August 9, 2018). |
| 10.17▲ | Strategic Partnership Project Agreement, dated September 27, 2022, between the Company and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.15 to the Form 10-K filed by the Company on March 30, 2023). |
| 10.18▲ | Project Task Statement No. 1 under the Strategic Partnership Project Agreement, dated December 9, 2022, between the Company and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.16 to the Form 10-K filed by the Company on March 30, 2023). |
| 10.19▲ | Cooperative Research and Development Agreement, dated September 27, 2022, between the Company and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.17 to the Form 10-K filed by the Company on March 30, 2023). |
| 10.20▲ | Project Task Statement No. 1 under the Cooperative Research and Development Agreement, dated December 9, 2022, between the Company and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.18 to the Form 10-K filed by the Company on March 30, 2023). |
| 10.21▲ | Modification No. 2 to the Project Task Statement No. 1, dated March 25, 2024, under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.1 to the Form 10-Q filed by the Company on May 10, 2024). |
| 10.22▲ | Modification No. 3 to the Project Task Statement No. 1, dated October 24, 2024, under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023 and March 26, 2024, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 1.01 to the Form 8-K filed by the Company on October 25, 2024). |
| 10.23▲ | Modification No. 3 to the Project Task Statement No. 1, dated January 16, 2025, under the Cooperative Research and Development Agreement, dated December 9, 2022, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Company on January 17, 2025). |
| 10.24▲ | Modification No. 4 to the Project Task Statement No. 1, dated March 18, 2025, under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023, March 26, 2024 and October 24, 2024, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.2 to the Form 10-Q filed by the Company on May 12, 2025). |
| 10.25▲ | Modification No. 2 to the Strategic Partnership Project Agreement, dated August 1, 2025, by and between the Company and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.2 to the Form 10-Q filed the Company on August 13, 2025). |
| 10.26▲ | Modification No. 3 to the Strategic Partnership Project, dated October 6, 2025, by and between the Company and Battelle Energy Alliance, LLC (incorporated by reference to Exhibit 10.2 to the Form 10-Q filed by the Company on November 6, 2025). |
|---|---|
| 10.27▲* | Modification No. 1 to the Cooperative Research and Development Agreement, dated November 5, 2025, by and between the Company and Battelle Energy Alliance, LLC. |
| 10.28▲* | Project Task Statement No. 2, dated November 20, 2025, under the Strategic Partnership Project Agreement, dated September 27, 2022, as amended, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC. |
| 10.29▲* | Project Task Statement No. 3, dated December 9, 2025, under the Strategic Partnership Project Agreement, dated September 27, 2022, as amended, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC. |
| 10.30▲* | Project Task Statement No. 4, dated December 10, 2025, under the Strategic Partnership Project Agreement, dated September 27, 2022, as amended, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC. |
| 10.31▲* | Project Task Statement No. 5, dated December 9, 2025, under the Strategic Partnership Project Agreement, dated September 27, 2022, as amended, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC. |
| 10.32▲* | Modification No. 5 to the Project Task Statement No. 1, dated January 19, 2026, under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023, March 26, 2024 October 24, 2024, and January 15, 2025, by and between Lightbridge Corporation and Battelle Energy Alliance, LLC. |
| 19.1* | Insider Trading Policy, as amended February 24, 2026. |
| 21.1* | Subsidiaries of the Company. |
| 23.1* | Consent of Independent Registered Public Accounting Firm. |
| 24.1* | Power of Attorney (Included on the signature page hereto). |
| 31.1* | Rule 13a-14(a)/15d-14(a) Certification - Principal Executive Officer. |
| 31.2* | Rule 13a-14(a)/15d-14(a) Certification - Principal Financial Officer and Principal Accounting Officer. |
| 32* | Section 1350 Certifications. |
| 97.1** | Incentive Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Form 10-K filed by the Company on March 4, 2024). |
| 101 | The following materials from Lightbridge Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline eXtensible Business Reporting Language (XBRL): (i) the Consolidated Balance Sheets; (ii) Consolidated Statement of Operations; (iii) Consolidated Statement of Cash Flows; (iv) Consolidated Statement of Changes in Stockholders’ Equity; and (v) Notes to Consolidated Financial Statements. |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
- Filed or furnished herewith
** Indicates management contract or compensatory plan or arrangement.
▲ Certain portions of this Exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of this Exhibit to the SEC upon request.
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