Ainos, Inc.
For the period ended Mar 31, 2026. Filed May 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 13, 2026
AIMD$0.70+11.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022312
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-13.
0001493152-26-022791
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 58 current paragraphs.
21 unchanged; 15 reworded; 22 added; 46 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Ainos, Inc. (the “Company”) was incorporated in the State of Texas in 1984. The Company is a dual-platform company engaged in the development of artificial intelligence-enabled olfactory sensing technologies, which we refer to as “SmellTech” or “Smell AI”, and related applications, as well as the development of immune therapeutics.
Current report
The Company’s principal operating focus is the commercialization of AI Nose, its proprietary scent digitization platform. AI Nose is designed to convert scent and volatile organic compound signals into structured, machine-readable data, which the Company refers to as “Smell ID,” using gas sensor arrays and proprietary artificial intelligence models, which we refer to as smell language model (“SLM”). The Company is advancing AI Nose commercialization across selected industrial, environmental, robotics, and healthcare-related applications.
Current report
In parallel, the Company continues to develop VELDONA®, its low-dose oral interferon program, with an emphasis on selective advancement, capital-efficient execution, and strategic partnerships.
Current report
Our Execution Priorities for 2026
Current report
In 2026, the Company’s operating priorities are focused on advancing AI Nose commercialization activities while managing VELDONA® and other healthcare-related programs selectively and in a capital-efficient manner. Following initial industrial expansion activities in 2025, the Company’s current priorities include partner-led deployments, continued generation of scent-related data to support model refinement, and further advancement of commercial opportunities that may include hardware and service-based offerings, which we refer to as “SmellTech-As-A-Service”. The Company may adjust the timing, scope, and prioritization of these activities based on available capital, regulatory developments, market conditions, partner execution, and other factors.
Current report
AI Nose Operating Priorities
Current report
VELDONA Operating Priorities
Current report
Factors Affecting Our Business
Current report
Our business activities continue to be influenced primarily by our emphasis on advancing AI Nose commercialization activities and managing healthcare-related programs selectively and in a capital-efficient manner. The timing, extent, and financial impact of these activities remain subject to a number of known trends and uncertainties, including the following:
Current report
Industrial and infrastructure-oriented applications.
Current report
We continue to prioritize AI Nose activities across industrial environments, including semiconductor manufacturing, robotics, smart manufacturing, and hospital infrastructure settings. Recent progress includes initial commercial activity in backend semiconductor manufacturing, front-end semiconductor validation efforts through industry partners, robotics-related development initiatives and activities in hospital infrastructure environments. These activities remain at varying stages of deployment, validation, and commercialization. The timing and extent of partner execution, customer adoption, and conversion of pilot and initial commercial activities into broader commercial arrangements may affect the timing of revenue and our near-term operating results.
Current report
Near-threshold technology development and system capabilities.
Current report
As part of our ongoing deployment and validation activities, we continue to develop AI Nose capabilities across different operating conditions and application environments. These efforts include the detection and interpretation of gas signal variations and the potential application of such capabilities in anomaly detection, environmental sensing, and operational monitoring. We are also developing AI Nose for near-threshold detection scenarios, meaning the detection of signal variations at or near traditional detection thresholds. If validated, such capabilities may support certain early-stage anomaly detection applications. We continue to develop these near-threshold detection capabilities with a focus on reliability, repeatability, and scalability across different environments, which remain subject to ongoing validation.
Current report
Data-driven platform development.
Current report
AI Nose deployments are expected to generate Smell ID data across different operating environments, and we continue to use this data to refine models, improve classification performance, and expand the range of detectable patterns. Continued deployment of AI Nose is also expected to result in further accumulation of scent-related data, which may support model improvement, broaden detectable patterns, and enhance system adaptability across different operating environments. While we expect these efforts to support ongoing performance improvements, the timing and extent to which they contribute to broader commercial adoption or commercial outcomes may vary, and their benefits may take time to be reflected in revenue or operating results.
Current report
Healthcare-adjacent opportunities.
Current report
We continue to develop AI Nose applications in senior care and other healthcare-adjacent settings, including environments where non-invasive and continuous sensing may support hygiene monitoring, environmental control, and hospital operations. The timing and extent of these activities may be affected by regulatory requirements, partner engagement, operational validation, and resource allocation decisions.
Current report
VELDONA® program management.
Current report
We continue to focus VELDONA® on selected indications with unmet medical needs, including oral warts in HIV-seropositive patients, Sjögren’s syndrome, and feline chronic gingivostomatitis. The timing and direction of these programs may be affected by clinical outcomes, regulatory progress, partner interest, and available resources. We also continue to pursue strategic partnerships and out-licensing opportunities, the timing and outcome of which remain uncertain.
Current report
During the first quarter of 2026, we advanced AI Nose-related activities within industrial applications, with a focus on semiconductor and robotics environments. These activities included
Current report
These activities are intended to support continued development, capacity development and potential commercial expansion of AI Nose across industrial environments.
Current report
The Company reported $161 and $106,207 in revenue in Q1 2026 and Q1 2025, respectively. The decrease of revenue in Q1, 2026 was primarily caused by lower sales volume on AI Nose related programs in healthcare adjacent applications. This decrease was partly attributable to a strategic shift in focus from healthcare-adjacent applications toward industrial deployments, which are currently at earlier stages of commercialization. The Company generated nil and $105,942 in revenues from AI Nose related programs, and $161 and $265 from pet supplements in Q1 2026 and Q1 2025, respectively.
Removed paragraphs (46)
Previous report
Ainos, Inc. (the “Company”), incorporated in the State of Texas in 1984, is an artificial intelligence (“AI”) and healthcare company focused on the commercialization of proprietary scent digitization technology, AI-powered sensing solutions, point-of-care testing (“POCT”), and low-dose oral interferon therapeutics. We are advancing these technologies primarily through strategic partnerships.
Previous report
Our core scent digitization technology platform, AI Nose, is an AI-based electronic nose system that integrates gas sensors with a proprietary smell language model (“SLM”) algorithm, aiming to enabling trainable and sensitive digital olfaction. We are developing this platform to digitize scent data, including volatile organic compound (“VOC”), into Smell ID, a machine-readable format designed to enable intelligent scent-based sensing across industries including robotics, smart manufacturing, and healthcare. We are positioning AI Nose to ultimately become AI’s nose.
Previous report
In parallel, we continue to develop therapeutic candidates based on VELDONA, our low-dose oral interferon platform, targeting rare, autoimmune, and infectious diseases. Our lead programs include candidates for the treatment of oral warts in HIV-positive patients, Sjögren’s syndrome, and feline chronic gingivostomatitis (“FCGS”). We have researched and developed VELDONA since our inception.
Previous report
Between 2021 and 2024, we expanded our intellectual property portfolio through transactions with our controlling shareholders, including Ainos, Inc., a Cayman Islands company (“Ainos KY”), and Taiwan Carbon Nano Technology Corporation (“TCNT”). These transactions included acquisitions and license agreements primarily involving patents and patent applications related to our AI Nose platform, and POCT technologies.
Previous report
While our AI Nose technology was initially developed for healthcare applications, we are actively expanding its use into other sectors, including robotics and industrial environments by forming strategic relationships.
Previous report
Our Pipeline
Previous report
We structure our development pipeline around three core platforms—AI Nose, POCT, and VELDONA—each designed to generate revenue through commercialization, partnerships, and/or licensing.
Previous report
Our products are at different stages of development. For AI Nose, we expect to enter commercial pilot phase across industrial, robotics, and long-term care environments over the second half of 2025. For VELDONA, our oral interferon platform, we plan to enter Taiwan clinical trials for two lead indications, HIV-related oral warts, and Sjögren’s syndrome. The HIV oral wart program has received Orphan Drug Designation from the U.S. FDA. Our POCT portfolio includes clinical-stage tools such as Ainos Flora, while legacy products, including our COVID-19 test kits, have been discontinued.
Previous report
1. AI Nose – Digital Olfaction Platform
Previous report
AI Nose is our proprietary digital olfaction platform. We develop integrated hardware solutions with third-party gas sensors and our AI algorithm which we refer to as the smell language model (SLM). It aims to digitize scent and volatile organic compound (VOC) profiles into structured data (“Smell ID”) for analysis and classification. Backed by our extensive scent data moat and medtech expertise, AI Nose aims to deliver continuous monitoring, predictive analytics, and instant alerts to enhance safety, quality, and efficiency. To be delivered as SmellTech-as-a-Service, it aims to offer subscription access to ongoing scent intelligence, analytics, and real-time alerts, turning the invisible into strategic advantage.
Previous report
While we initially applied AI Nose in healthcare through point-of-care testing (POCT) devices, we are actively expanding its use into industrial and robotics settings. Through September 2025, we have formed several strategic partnerships to deploy AI Nose across a range of industrial environments. Aligned with this strategy, in the third quarter 2025, we launched our AI Nose modules for industrial applications and showcased the product in Automation Taipei and Semicon Taiwan.
Previous report
We are working with ugo, Inc., a Japanese robotics company, to integrate AI Nose into autonomous robots for environmental monitoring, safety, and healthcare support. We are working with ugo to pilot deploy service robots equipped with AI Nose at seven industrial sites in Japan, spanning pharmaceutical manufacturing, facility management, energy operations, power substations, and water treatment plants. We believe this marks an important milestone in robotic perception, blending olfactory sensing with industrial AI.
Previous report
With ASE Technology Holding Co., Ltd. (“ASEH”), a Taiwan-based global semiconductor packaging and testing company, we are targeting AI Nose deployment across key manufacturing sites to enable real-time anomaly detection and process monitoring. In August 2025, we signed a three-year subscription-based order, valued at $2.1 million, to deploy 1,400 AI Nose units across ASEH’s three manufacturing sites.
Previous report
We are partnering with Topco Scientific Co., Ltd. (“Topco”), one of Taiwan’s leading semiconductor solution providers, to accelerate the commercialization of our AI Nose platform, leveraging Topco’s extensive global network across semiconductors, optoelectronics, renewable energy, and healthcare industries.
Previous report
We are also collaborating with Kenmec Mechanical Engineering Co., Ltd., a Taiwan-based provider of automation and smart logistics solutions, to integrate AI Nose into smart factory ecosystems, including robotics, HVAC systems, public infrastructure, airports, logistics, and healthcare applications. Kenmec’s subsidiary will manufacture AI Nose devices under this partnership.
Previous report
We are partnering with Solomon Technology Corporation (“Solomon”), a Taiwan-based company specializing in machine vision, industrial AI, and smart automation. Solomon is marketing AI Nose on a non-exclusive basis to customers in semiconductors, petrochemicals, autonomous mobile robots (AMRs), defense, and healthcare. Together, we are exploring ways to combine AI Nose with Solomon’s machine vision and inspection technologies.
Previous report
In parallel, we are co-developing a VOC sensing platform with Nisshinbo Micro Devices Inc. (NISD) and Taiwan Inabata Sangyo Co. to build compact, high-performance sensors for telehealth, automotive, industrial safety, and environmental monitoring. Our current efforts currently focus on semiconductor and long-term care applications.
Previous report
2. Point-of-Care Testing (POCT)
Previous report
Our POCT products aim to provide simple, effective, and telehealth-friendly tests that deliver results within minutes. Our detection platforms include VOC sensing powered by AI Nose, lateral flow immunochromatographic assays, and nucleic acid technologies. We are currently prioritizing development based on VOC sensing, including the following:
Previous report
3. VELDONA – Low-Dose Oral Interferon Therapeutics
Previous report
VELDONA is our proprietary low-dose oral interferon platform targeting rare, autoimmune, and infectious diseases across both human and animal health.
Previous report
Our human pipeline includes oral drug candidates for the treatment of oral warts in human immunodeficiency virus (HIV) seropositive patients, Sjögren’s syndrome, common cold, influenza, and mild COVID-19 symptoms. We have conducted Phase 2 studies for all programs except for COVID-19. The U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation for our VELDONA formulation as a potential treatment for oral warts in HIV-seropositive patients. Our near-term focus is on two lead indications, with clinical studies underway in Taiwan: oral warts in human immunodeficiency virus (HIV) seropositive patients and Sjögren’s syndrome.
Previous report
In veterinary health, we are conducting clinical studies in Taiwan for feline chronic gingivostomatitis (FCGS), a chronic oral inflammatory condition. We believe interim results from these trials have shown symptom improvement and reduced reliance on steroid use. In addition, in Taiwan, we market VELDONA Pet, a supplement formulated to support canine and feline health, including gums, skin, eyes, and allergy-related conditions.
Previous report
Commercialization and Development Priorities
Previous report
Our top near-term priority is scaling the AI Nose platform in industrial, robotics, and long-term care settings, through our partnerships and supported by a subscription-based model that aims to offer AI-driven scent analytics and hardware services. This Smelltech-as-a-Service (SaaS) approach is designed to generate recurring revenue, while we continue targeted, capital-efficient clinical validation of Ainos Flora in Taiwan and explore potential partnerships or licensing opportunities.
Previous report
In parallel, we are advancing select VELDONA programs through cost-effective clinical studies in Taiwan, balancing development progress with capital discipline and exploring potential licensing or partnership opportunities.
Previous report
We may reprioritize programs based on funding availability, regulatory progress, or market conditions.
Previous report
Effective June 30, 2025, at 5:01 a.m., Central time (the “Effective Time”), the Company filed a certificate of amendment (the “Certificate of Amendment”) to amend its Restated Certificate of Formation, as amended, with the Secretary of the State of Texas, to effect a reverse stock split of the Company’s common stock at a ratio of 1-for-5 (the “Reverse Stock Split”).
Previous report
The terms of the Reverse Stock Split are such that every five shares of the Company’s issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in par value per share. Holders of fractional shares were paid out in cash for the fractional portion. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to a fraction of one share as a result of the Reverse Stock Split instead received an amount in cash equal to such fraction of a share multiplied by the closing sale price of common stock on Nasdaq on June 27, 2025, as adjusted for the Reverse Stock Split. The number of outstanding options and warrants was adjusted accordingly. The Reverse Stock Split does not otherwise modify any rights or preferences of the Company’s common stock.
Previous report
Effective at market open on June 30, 2025, the Company’s common stock began trading on a split-adjusted basis on Nasdaq.
Previous report
The Company reported $2,167 and nil in revenue in Q3 2025 and Q3 2024, respectively, from product sales of VELDONA pet supplements in Taiwan. The increase was due to include sales volume of VELDONA pet supplements and exchange rate fluctuation, while we were advancing pilot programs for our AI Nose platform during this quarter.
Previous report
Results of Operations for Nine Months Ended September 30, 2025 (“first nine months 2025”) and September 30, 2024 (“first nine months 2024”):
Previous report
Revenues, Cost and Gross Loss
Previous report
The Company reported $113,037 and $20,729 in revenue in the first nine months of 2025 and the first nine months of 2024, respectively, from product sales of VELDONA pet supplements in Taiwan and VOC sensing products related to NISD co-development. The increase in revenue was due to realization of $112,349 in revenues from sales of VOC sensing products related to NISD co-development.
Previous report
The cost of revenue related to product sales in the first nine months of 2025 was $19,647 compared to $52,674 in the first nine months of 2024. The decrease in cost of revenue was due to a change in product compositions.
Previous report
The share-based compensation expense and the depreciation expense for manufacturing in the first nine months of 2025 and the first nine months of 2024 were nil and $9,032, respectively. When excluding these non-cash cost, cost of revenue decreased to $19,647 in the first nine months of 2025 compared to $43,642 in the first nine months of 2024.
Previous report
Gross profit from product sales in the first nine months of 2025 was $93,390 as compared to $31,945 gross loss from product sales in the first nine months of 2024. The increase in gross profit was due to increase of sales volume of VEDONA pet supplements anda change in product compositions.
Previous report
When excluding these non-cash costs, gross profits were $93,390 in the first nine months of 2025 compared to $22,913 gross loss in the first nine months of 2024.
Previous report
R&D expenses in the first nine months of 2025 and the first nine months of 2024 were $5,626,514 and $6,085,648, respectively. The decrease of $459,134 (8%) was due to decreased expenses associated with clinical trial fees, co-research for technology and product and staffing expenditures (including share-based compensation) offset by increased patent application and maintenance fee. We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.
Previous report
The share-based compensation expense and the depreciation and amortization expense in the first nine months of 2025 and the first nine months of 2024 were $3,780,461 and $3,866,581, respectively. When excluding these non-cash expenses, R&D expenses decreased to $1,846,053 in the first nine months of 2025 from $2,219,067 in the first nine months of 2024.
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Reworded paragraphs (15)
Previous wording
As of September 30, 2025, we had available cash and cash equivalents of $1,128,217. We anticipate business revenues and external financing options, if necessary, to fund our operations over the next twelve months. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we expect. See “Liquidity and Capital Resources” for additional information. To finance our continuing operations, we will need to raise additional capital, which cannot be assured.
Current wording
As of March 31, 2026, we had available cash and cash equivalents of $2,841,422. We anticipate business revenues and external financing options, if necessary, to fund our operations over the next twelve months. We have based this estimate on assumptions that may prove to be incorrect, and we could exhaust our available capital resources sooner than we expect. See “Liquidity and Capital Resources” for additional information. To finance our continuing operations, we will need to raise additional capital, which cannot be assured.
Previous wording
The cost of revenue related to product sales in Q3 2025 was $477 compared to $547 in Q3 2024. The decrease in cost of revenue was due to lower produce volume for VELDONA pet supplements during the reporting period, as the Company shifts operational focus to AI Nose platform.
Current wording
The cost of revenue related to product sales in Q1 2026 was $763 compared to $18,233 in Q1 2025. The decrease in cost of revenue was caused by the aforementioned lower produce volume for AI Nose related programs during the reporting period.
Previous wording
Gross profit from product sales in Q3 2025 was $1,690 as compared to $547 gross loss from product sales in Q3 2024. The increase in gross profit was due to increase the sale volume.
Current wording
Gross profit from product sales in Q1 2026 was $602 gross loss as compared to $87,974 gross profit from product sales in Q1 2025. The decrease in gross profit was due to aforementioned lower sale volume.
Previous wording
R&D expenses in Q3 2025 and Q3 2024 were $1,990,630 and $2,022,244, respectively. The decrease of $31,614 (2%) was due to reduced expenses associated with co-research for technology partially offset by increased product and staffing expenditures (including share-based compensation). We expect that our R&D expenses related to clinical trials will continue to grow as we further develop AI Nose, VOC POCT and VELDONA drug candidates.
Current wording
R&D expenses in Q1 2026 and Q1 2025 were $1,689,860 and $1,724,084, respectively. The decrease of $34,224 (2%) was due to reduced expenses associated with co-research for technology partially offset by increased staffing expenditures and experimental material fees. We expect that our R&D investments may continue to grow as we further develop our technologies.
Previous wording
The share-based compensation expense and the depreciation and amortization expense in Q3 2025 and Q3 2024 were $1,378,248 and $1,305,461, respectively. When excluding these non-cash expenses, R&D expenses decreased to $612,382 in Q3 2025 from $716,783 in Q3 2024.
Current wording
The share-based compensation expense and the depreciation and amortization expense in Q1 2026 and Q1 2025 were $1,161,266 and $1,192,870, respectively. When excluding these non-cash expenses, R&D expenses decreased to $528,594 in Q1 2026 from $531,214 in Q1 2025.
Previous wording
SG&A expenses were $795,253 and $1,015,758 in Q3 2025 and Q3 2024, respectively, reflecting a decrease of $220,505 (22%) due to a significant decrease in share-based compensation, D&O insurance fee and SEC reporting related fees.
Current wording
SG&A expenses were $593,185 and $1,526,761 in Q1 2026 and Q1 2025, respectively, reflecting a decrease of $933,576 (61%) due to a significant decrease in share-based compensation, further by a decrease in D&O insurance fee and SEC reporting related fees.
Previous wording
The share-based compensation expense and the depreciation and amortization expense in Q3 2025 and Q3 2024 were $176,749 and $377,020 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $618,504 in Q3 2025 compared to $638,738 in Q3 2024.
Current wording
The share-based compensation expense and the depreciation and amortization expense in Q1 2026 and Q1 2025 were $12,808 and $901,800 respectively. When excluding these non-cash expenses, SG&A expenses decreased to $580,377 in Q1 2026 compared to $624,961 in Q1 2025.
Previous wording
The Company’s operating loss was $2,784,193 and $3,038,549 in Q3 2025 and Q3 2024, respectively, reflecting a $254,356 (8%) decrease in operating loss between the reporting periods. We continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Current wording
The Company’s operating loss was $2,283,647 and $3,162,871 in Q1 2026 and Q1 2025, respectively, reflecting a $879,224 (28%) decrease in operating loss between the reporting periods. We continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Previous wording
In Q3 2025, interest expense was $176,584 compared to $264,648 in Q3 2024. The decrease in interest expense was due to the company paid off Lee’s convertible note, the convertible note of principal amount is decrease.
Current wording
In Q1 2026, interest expense was $176,876 compared to $180,445 in Q1 2025. The decrease in interest expense was due to the company paid off Lee’s convertible note, resulting in a reduction in the principal amount of the convertible note outstanding.
Previous wording
Net loss was $2,931,702 in Q3 2025 compared to $3,699,317 in Q3 2024, resulting in a $767,615 (21%) decrease in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Current wording
Net loss was $2,459,800 in Q1 2026 compared to $3,286,022 in Q1 2025, resulting in an $826,222 (25%) decrease in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.
Previous wording
As of September 30, 2025 and December 31, 2024, the Company had available cash of $1,128,217 and $3,892,919, respectively.
Current wording
As of March 31, 2026 and December 31, 2025, the Company had available cash of $2,841,422 and $417,353, respectively.
Previous wording
The following table summarizes our cash flow during the nine months ended September 30, 2025 and 2024:
Current wording
The following table summarizes our cash flow during the three months ended March 31, 2026 and 2025:
Previous wording
Cash used in operating activities decreased by $1,184,357 during the first nine months of 2025 compared to the first nine months of 2024. Our net loss for the first nine months of 2025 increased by $93,565 primarily due to the company expanding operating expense. The operating cash outflow as a result of changes in operating assets and liabilities was mainly attributable to:
Current wording
Cash used in operating activities decreased by $241,157 during the first quarter of 2026 compared to the first quarter of 2025. Our net loss for the first quarter of 2026 decreased by $826,222 primarily due to the company expanding operating expense. The operating cash outflow as a result of changes in operating assets and liabilities was mainly attributable to:
Previous wording
Cash used for investing activities were $13,112 and $138,577 during the first nine months of 2025 and the first nine months of 2024, respectively. The increase was due to a reduction in refundable deposits and other noncurrent assets offset by increase in purchases of property and equipment.
Current wording
Cash used for investing activities were $79 and $20,587 during the first quarter of 2026 and the first quarter of 2025, respectively. The decrease was due to a reduction in refundable deposits and other noncurrent assets and decrease in purchases of property and equipment and increase in proceeds from disposal of property and equipment.
Previous wording
Cash provided by financing activities were $852,635 and $8,295,746 during the first nine months of 2025 and the first nine months of 2024, respectively. The $7,443,111 decrease was primarily reflected by the following:
Current wording
Cash provided by financing activities were $3,414,540 and $14,605 during the first quarter of 2026 and the first quarter of 2025, respectively. The $3,399,935 increase was primarily reflected by the following:
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Research and Development (R&D) Expenses
Previous report — wording carried elsewhere
Selling, General and Administrative (SG&A) Expenses
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Interest Expense and Issuance Cost of Convertible Note
Previous report — wording carried elsewhere
Net loss was $10,302,714 in the first nine months of 2025 compared to $10,209,149 in the first nine months of 2024, resulting in a $93,565 (1%) increase in net loss attributable to our shareholders of common stock. The net loss was due to expanding operating expense as we continued to invest resources to execute our growth strategy and product roadmap to improve our profitability.