Sintx Technologies, Inc.
For the period ended Mar 31, 2026. Filed May 15, 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 15, 2026
SINT$1.56-3.7%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 2025-11-12.
0001493152-25-021930
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023919
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 85 previous paragraphs and 67 current paragraphs.
39 unchanged; 14 reworded; 14 added; 31 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 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 (14)
Current report
For the three months ended March 31, 2026, total revenue increased $11,000, or 3%, compared to the same period in 2025. When excluding the total revenue decrease of $109,000 due to the sale of the TA&T subsidiary, the remaining total revenue increased by $120,000, or 46%.
Current report
For the three months ended March 31, 2026, product revenue increased $9,000, or 3%, compared to the same period in 2025. When excluding the product revenue decrease of $64,000 due to the sale of the TA&T subsidiary, the remaining product revenue increased by $73,000, or 32%.
Current report
During the three months ended March 31, 2026, grant and contract revenue increased $2,000, or 3%, as compared to the same period in 2025. When excluding the grant and contract revenue decrease of $45,000 due to the sale of the TA&T subsidiary, the remaining grant and contract revenue increased by $47,000, or 142%.
Current report
Total revenue for the period was relatively consistent with the prior year, reflecting a combination of underlying growth in the Company’s continuing operations and the impact of changes to its business portfolio.
Current report
Revenue from ongoing product lines and customer activities increased compared to the prior year period, driven by growth in the Company’s spine-related product offerings and continued demand within its OEM technical manufacturing business. In addition, activity under grant and contract programs contributed to period-over-period variability.
Current report
These increases were partially offset by the absence of revenue associated with the Company’s former TA&T subsidiary, which was divested in Q1 2025.
Current report
The Company continues to support its OEM technical manufacturing operations as a source of revenue and cash flow, with recent, meaningful pricing actions improving the profitability of this segment. At the same time, the Company remains focused on the long-term commercialization of proprietary silicon nitride-based biomedical devices, including its orthopedic product portfolio.
Current report
For the three months ended March 31, 2026, research and development expenses decreased by $0.8 million, or 67%, compared to the same period in 2025. The decrease was primarily due to a $0.3 million reduction in headcount-related costs and $0.5 million due to the reallocation of certain overhead costs to general and administrative expenses. Historically, a significant portion of our operations was focused on research and development, resulting in the majority of overhead costs being allocated to research and development. As our focus has shifted toward commercialization, a greater portion of these costs is now classified as general and administrative.
Current report
For the three months ended March 31, 2026, general and administrative expenses increased by $1.2 million, or 92%, compared to the same period in 2025. The increase was primarily due to $1.1 million in higher headcount-related costs, including $0.4 million of non-cash stock-based compensation, as well as the reallocation of certain overhead costs of $0.5 million, as discussed above. These increases were partially offset by decreases of $0.2 million in non-employee stock-based compensation, $0.1 million in impairment cost recognized in 2025, and $0.1 million in other general expenses.
Current report
For the three months ended March 31, 2026, sales and marketing expenses increased by $0.4 million, or 1,895%, compared to the same period in 2025. The increase was primarily due to $0.2 million in higher headcount-related costs, including $0.1 million of non-cash stock-based compensation, as well as a $0.2 million increase in other sales and marketing related costs associated with our product launch.
Current report
For the three months ended March 31, 2026, grant and contract expenses increased by $2,000, or 4%, compared to the same period in 2025, primarily due to the increase in grant and contract revenue.
Current report
The board of directors and management remain aligned in advancing the Company’s strategic direction and business objectives. While we expect to continue generating a significant portion of our revenues from our industrial business operations, management is increasingly concentrating resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility. We believe our established industrial activities provide an important operational and revenue foundation that supports the continued development and commercialization of our medical technologies. Building upon our established advanced materials expertise and recent FDA 510(k) clearance of the SiNAPTIC Foot & Ankle Osteotomy Wedge System, we are focused on commercializing our medical technologies and advancing additional silicon nitride-based compositions and applications for orthopedic, spinal, wound care, and other medical markets in order to expand our footprint in the medical device sector and support long-term shareholder value creation.
Current report
Despite the actions undertaken by management to improve liquidity and operating costs—including the divestiture of non-core operations, implementation of cost improvement initiatives, commercialization of newly cleared medical products, access to capital through our ATM program, and execution of the Armor facility sublease—management has concluded that substantial doubt remains regarding our ability to continue as a going concern for a period of at least 12 months from the date these condensed consolidated financial statements are issued. Our ability to continue as a going concern will depend on our ability to generate increased revenues, achieve profitability, obtain additional financing, and successfully execute our strategic business objectives. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
Current report
Net cash used in investing activities was $7,000 during the three months ended March 31, 2026, compared to $63,000 during the same period in 2025, a decrease of $56,000, primarily due to a decrease in purchases of property and equipment.
Removed paragraphs (31)
Previous report
SINTX Core Business
Previous report
Biomedical Applications: Since its inception, SINTX has been focused on medical grade silicon nitride. SINTX biomedical products have been shown to be biocompatible, bioactive, antipathogenic, and to have superb bone affinity. Spinal implants made from SINTX silicon nitride have been successfully implanted in humans since 2008 in the U.S., Europe, South America and Asia. This established use, along with its inherent resistance to bacterial adhesion and bone affinity suggests that it may also be suitable in other fusion device applications such as arthroplasty implants, foot wedges, and dental implants. More recently, in October 2025, SINTX received U.S. Food and Drug Administration (FDA) 510(k) clearance for the SiNAPTIC® Foot & Ankle Osteotomy Wedge System, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. These next-generation implants blend cutting-edge biomaterials science with surgical precision and are designed to elevate standards in orthopedic procedures. SINTX silicon nitride products can be polished to a smooth and wear-resistant surface for articulating applications, such as bearings for hip and knee replacements.
Previous report
We believe that silicon nitride has a superb combination of properties that make it suited for long-term human implantation. Other biomaterials are based on bone grafts, metal alloys, and polymers- all of which have well-known practical limitations and disadvantages. In contrast, silicon nitride has a legacy of success in the most demanding and extreme industrial environments. Bacterial infection of any biomaterial implants is always a concern. SINTX silicon nitride has been shown to be resistant to bacterial colonization and biofilm formation, making it antibacterial. As a human implant material, silicon nitride offers bone ingrowth, resistance to bacterial and viral infection, ease of diagnostic imaging, resistance to corrosion, and superior strength and fracture resistance, all of which claims are validated in our large and growing inventory of peer-reviewed, published literature reports. We believe that our versatile silicon nitride manufacturing expertise positions us favorably to introduce new and innovative devices in the medical and non-medical fields.
Previous report
Antipathogenic Applications: Today, there is a global need to improve protection against pathogens in everyday life. SINTX believes that by incorporating its unique composition of silicon nitride antipathogenic powder into products such as face masks, drapes, filters, sutures, and wound care devices, it is possible to manufacture surfaces that inactivate pathogens, thereby limiting the spread of infection and disease. The discovery in 2020 that SINTX silicon nitride inactivates SARS-CoV-2, the virus which causes the disease COVID-19, has opened new markets and applications for our material.
Previous report
We presently manufacture advanced ceramic powders and components in our manufacturing facilities based in Salt Lake City, Utah.
Previous report
The SINTX Salt Lake City facility is registered with the FDA, is cGMP and ANVISA RDC 665 compliant, as well as being ISO 9001:2015, ISO 13485:2016 certified, and ASD9100D certified. The Company’s products are primarily sold in the United States.
Previous report
For the three months ended September 30, 2025, product revenue decreased $0.2 million, or 59%, compared to the same period in 2024. During the three months ended September 30, 2025, grant and contract revenue decreased $0.4 million, or 87% as compared to the same period in 2024.
Previous report
For the nine months ended September 30, 2025, product revenue decreased $0.5 million, or 49%, compared to the same period in 2024. During the nine months ended September 30, 2025, grant and contract revenue decreased $1.1 million, or 86% as compared to the same period in 2024.
Previous report
The decrease in total revenue for the two periods was primarily due to the Company’s ongoing strategic repositioning away from non-core, low-margin OEM technical manufacturing contracts that did not support long-term profitability. This planned reduction in OEM-related revenue is consistent with our corporate shift toward commercializing proprietary silicon nitride-based biomedical devices, which we believe offer stronger margins, a more defensible competitive position, and better long-term value for shareholders.
Previous report
While this strategic realignment has led to a decline in reported revenue, we believe it is a necessary step in positioning the Company for sustainable growth. During this transitional period, we continue to invest in the development and regulatory advancement of silicon nitride-based orthopedic and surgical implants, as evidenced by the recently received 510(k) clearance for osteotomy wedges used in foot and ankle fusion procedures. Additionally, we entered into a private label agreement to supply OsseoSculpt™, a next next-generation biologic designed to complement the foot and ankle osteotomy wedges. We began recognizing commercial revenue from OsseoSculpt™ in Q3 2025. We believe that these products will serve as key revenue drivers beginning in 2026.
Previous report
For the nine months ended September 30, 2025, cost of revenue decreased $0.2 million, or 31%, compared to the same period in 2024 primarily due to the decrease in revenue mentioned above.
Previous report
For the three months ended September 30, 2025, research and development expenses increased $0.5 million, or 59%, compared to the same period in 2024, primarily due to an increase in costs related to the Research Agreement (see Note 13).
Previous report
For the nine months ended September 30, 2025, research and development expenses decreased $0.9 million, or 19%, compared to the same period in 2024, primarily due to a decrease in payroll related costs, patent expenses, prototypes, and outside consulting costs, partially offset by an increase in costs related to the Research Agreement (see Note 13).
Previous report
For the three months ended September 30, 2025, general and administrative expenses increased $1.3 million, or 162%, compared to the same period in 2024, primarily due to increased stock-based compensation and other headcount related costs, partially offset by lower legal expenses and outside consulting costs.
Previous report
For the nine months ended September 30, 2025, general and administrative expenses increased $1.8 million, or 61%, compared to the same period in 2024, primarily due to increased stock-based compensation and other headcount related costs, and fees paid to departing members of the board of directors, partially offset by lower legal expenses and outside consulting costs.
Previous report
For the three months ended September 30, 2025, sales and marketing expenses remained consistent compared to the same period in 2024.
Previous report
For the nine months ended September 30, 2025, sales and marketing expenses decreased $0.5 million, or 83%, compared to the same period in 2024, primarily due to an overall decrease in payroll related costs.
Previous report
Armor Exit Costs
Previous report
For the three and nine months ended September 30, 2025, Armor exit costs decreased $4.5 million, or 100%, as compared to the same period in 2024 due to asset impairment costs at the SINTX Armor facility.
Previous report
Reduction in Force Expenses
Previous report
For the three and nine months ended September 30, 2025, reduction in force expenses decreased $0.4 million, or 100%, as compared to the same period in 2024 due to payroll expenses related to severance and accrued vacation payouts.
Previous report
For the three months ended September 30, 2025, grant and contract expenses decreased $0.4 million, or 95%, compared to the same period in 2024, primarily due to the decrease in grant and contract revenue associated with the sale of the TA&T subsidiary.
Previous report
For the nine months ended September 30, 2025, grant and contract expenses decreased $0.9 million, or 89%, compared to the same period in 2024, primarily due to the decrease in grant and contract revenue associated with the sale of the TA&T subsidiary.
Previous report
For the nine months ended September 30, 2025, other income decreased $2.7 million, or 91%, compared to the same period in 2024, primarily due to a $3.1 million decrease in the change in value of derivative liabilities, partially offset by a $0.3 million gain on disposal of property and equipment associated with SINTX Armor, and a $0.1 million increase in interest income.
Previous report
The condensed consolidated financial statements have been prepared assuming we will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to our ability to continue as a going concern within one year from the date of issuance of these condensed consolidated financial statements.
Previous report
The board of directors, together with management, remains focused on advancing our business strategy and focus. Our strategic emphasis is focused on utilizing our technology in making advancements in the biomedical sector. Historically engaged in both industrial and biomedical applications, we have prioritized the development and commercialization of innovative medical devices, leveraging its expertise in advanced ceramics and biomaterials. This renewed focus aligns with a commitment to improving patient outcomes through the creation of products designed for surgical, orthopedic, and other specialized medical applications. We are concentrating our resources on high-growth areas within the healthcare sector where our proprietary materials and technologies—such as silicon nitride—provide a distinct competitive advantage due to their unique strength, durability, and biocompatibility.
Previous report
Through this transformation, as demonstrated by the recent FDA 510(k) clearance of our SiNAPTIC® Foot & Ankle Osteotomy Wedge System, our aim is to deliver meaningful innovations to the medical community. Our current research and development pipeline is centered on medical-grade devices that incorporate antimicrobial properties, enhanced imaging capabilities, and durability under physiological conditions, which are critical for orthopedic implants, spinal fusion devices, and other surgical tools. As we transition our focus away from industrial applications, we anticipate this strategic shift will enable us to better serve the medical sector, address critical unmet needs, and position SINTX as a leading provider in the medical device market. By focusing on partnerships and collaborations with healthcare institutions and industry leaders, we believe that we are positioned to expand our footprint in the medical device sector and drive shareholder value through sustainable, high-impact innovations.
Previous report
On August 8, 2024, the board of directors approved a plan to implement a Company-wide reduction in the workforce. This decision was part of an ongoing strategic review of our operations aimed at improving operational efficiency and reducing costs.
Previous report
On August 12, 2024, the board of directors approved a plan to cease efforts to make the armor plant operational. This decision was made to streamline operations and focus on core business areas that align with our long-term strategic goals. The armor plant had not been fully operational since the acquisition of the armor equipment in July 2021 and had been completely shut down since October 2023 due to the malfunctioning of the sintering furnace. In connection with this decision, we incurred an impairment charge of approximately $4.6 million during the year ended December 31, 2024. This charge primarily relates to the write-down of certain long-lived assets associated with the armor plant to their estimated fair value.
Previous report
We believe that based on our existing capital resources and funds generated by our operations, there is no significant uncertainty of the Company’s ability to continue as a going concern through at least November 12, 2026.
Previous report
Net cash provided by investing activities was $1.0 million during the nine months ended September 30, 2025, compared to net cash used in investing activities of $0.2 million during the nine months ended September 30, 2024, an increase of $1.2 million. The increase in cash provided by investing activities during 2025 was primarily due to $0.8 million in proceeds from the acquisition of Sinaptic Surgical (see Note 3), $0.4 million decrease in purchase of property and equipment and $0.3 million increase in proceeds from the sale of property and equipment, partially offset by a $0.3 million decrease in proceeds from notes receivable.
Reworded paragraphs (14)
Previous wording
SINTX Technologies is an advanced ceramics company formed in December 1996 that develops and commercializes materials, components, and technologies for medical and agribiotech applications. SINTX provides biomedical solutions for medical devices specializing in silicon nitride (Si₃N₄) for musculoskeletal and antipathogenic applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008.
Current wording
SINTX Technologies is an advanced ceramics company formed in December 1996 that develops, manufactures, and commercializes silicon nitride biomaterials, composites, devices, and related technologies for medical and other high-value applications. SINTX provides biomedical solutions for medical devices specializing in silicon nitride (Si₃N₄) for musculoskeletal and antipathogenic applications. We also manufacture parts made from silicon nitride for customers in the electrical, aerospace and other industrial sectors. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008.
Previous wording
The following is a tabular presentation of our unaudited condensed consolidated operating results for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Current wording
The following is a tabular presentation of our unaudited condensed consolidated operating results for the three months ended March 31, 2026 and 2025 (in thousands):
Previous wording
For the three months ended September 30, 2025, cost of revenue decreased $0.1 million, or 45%, compared to the same period in 2024 primarily due to the decrease in revenue mentioned above.
Current wording
For the three months ended March 31, 2026, cost of revenue decreased by $10,000, or 4%, compared to the same period in 2025, primarily due to a continued focus on higher-margin sales.
Previous wording
For the three months ended September 30, 2025, other income decreased $0.4 million, or 209%, compared to the same period in 2024, primarily due to a $0.4 million decrease in the change in value of derivative liabilities.
Current wording
For the three months ended March 31, 2026, other income increased by $0.3 million, or 324%, compared to the same period in 2025, primarily due to a $0.3 million increase in other income from the change in value of derivative liabilities.
Previous wording
To date, our operations have been principally financed from proceeds from the issuance of preferred and common stock and, to a lesser extent, cash generated from product sales. We expect that we will continue to generate operating losses and use cash in operations. Our continuation as a going concern is dependent upon its ability to increase sales, decrease expenses and raise additional funding. It is uncertain when, if ever, we will attain profitability and positive cash flows from operations or obtain additional financing.
Current wording
The condensed consolidated financial statements have been prepared assuming we will continue to operate as a going concern. To date, our operations have been principally financed from proceeds from the issuance of preferred and common stock and, to a lesser extent, cash generated from product sales. It is anticipated that we will continue to generate operating losses and use cash in operations. Our continuation as a going concern is dependent upon our ability to increase sales, decrease expenses and raise additional funding. We continue to seek opportunities to raise additional funding through equity and/or debt financing. However, such funding is not guaranteed and may not be available to us on favorable terms and may involve restrictive covenants. If we are not able to obtain additional debt or equity financing, the impact on us will be material and adverse.
Previous wording
For the nine months ended September 30, 2025, and 2024, we incurred a net loss of $8.1 million and $9.3 million, respectively, and used cash in operating activities of $6.2 million and $7.5 million, respectively. We had an accumulated deficit of $290 million and $282 million as of September 30, 2025, and December 31, 2024, respectively. We will require substantial future capital in order to continue operating our business, conduct research and development and regulatory clearance and approval activities necessary to bring our products to market, and to establish effective marketing and sales capabilities. Our existing capital resources may not be sufficient to enable us to fund the completion of the development and commercialization of all our product candidates.
Current wording
For the three months ended March 31, 2026, and 2025, we incurred a net loss of $2.8 million and $2.3 million, respectively, and used cash in operating activities of $2.5 million and $1.3 million, respectively. We had an accumulated deficit of $295 million and $292 million as of March 31, 2026, and December 31, 2025, respectively.
Previous wording
As discussed in Note 2 to the condensed consolidated financial statements, on February 19, 2025, we entered into an Entity Acquisition Agreement (the “Agreement”) with Tethon Corporation (“Tethon”), pursuant to which the Company sold to Tethon all of the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T.
Current wording
As part of our ongoing strategic review of our operations aimed at improving operational efficiency and reducing costs, as discussed in Note 2 to the condensed consolidated financial statements, on February 19, 2025, we sold to Tethon all the issued and outstanding shares of TA&T in exchange for the assumption by Tethon of the outstanding liabilities of TA&T.
Previous wording
As discussed in Note 1 to the condensed consolidated financial statements, in October 2025, we received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. Revenue is expected to begin during the first half of 2026.
Current wording
As discussed in further detail above, in October 2025, we received FDA 510(k) clearance for a new foot and ankle osteotomy wedge system, enabling SINTX’s commercial entry into reconstructive foot and ankle surgery in the United States. Revenue was recognized during Q1 2026 and is expected to increase throughout 2026.
Previous wording
As discussed in Note 14 to the condensed consolidated financial statements, in October 2025, we entered into the 2025 ATM Agreement to sell shares of its common stock from time to time, through an “at the market offering” program, having an aggregate offering price of $6,413,876 was filed with the SEC.
Current wording
As discussed in Note 9 to the condensed consolidated financial statements, in October 2025, we entered into the 2025 ATM Agreement to sell shares of our common stock from time to time, through an “at the market offering” program, having an aggregate offering price of $6.4 million. Through March 31, 2026, we have sold $0.7 million under the ATM, leaving a remaining balance of $5.7 million available under the ATM. Subsequent to March 31, 2026, we sold an additional $0.5 million under the ATM.
Previous wording
As discussed in Note 12 to the condensed consolidated financial statements, in October 2025, we entered into a sublease agreement to lease the SINTX armor facility, that is expected to save the Company approximately $950,000 over the sublease term.
Current wording
As discussed in Note 12 to the condensed consolidated financial statements, in October 2025, we entered into a sublease agreement to lease the SINTX Armor facility, that is expected to save us approximately $1.0 million over the sublease term.
Previous wording
Net cash used in operating activities was $6.2 million during the nine months ended September 30, 2025, compared to $7.5 million used during the nine months ended September 30, 2024, a decrease of $1.3 million. Decrease in net loss of $1.2 million, combined with an increase in accounts payables and other liabilities of $1.0 million, contributed positively to our net cash used in operating activities, partially offset by a decrease in adjustments of non-cash items of $0.5 million, and increases in accounts receivable of $0.4 million.
Current wording
Net cash used in operating activities was $2.5 million during the three months ended March 31, 2026, compared to $1.3 million used during the same period in 2025, an increase of $1.2 million. The increase was primarily due to an increase in net loss of $0.5 million, combined with increases in inventories of $0.4 million, change in fair value of derivative liabilities of $0.3 million, accounts receivable of $0.2 million and decreases in non-cash adjustments of $0.2 million for non-employee stock based compensation and $0.1 million in impairment cost. These changes were partially offset by an increase of $0.5 million in employee stock based compensation.
Previous wording
Net cash provided by (used in) investing activities
Current wording
Net cash used in investing activities
Previous wording
Net cash provided by financing activities was $7.9 million during the nine months ended September 30, 2025, compared to $9.2 million provided during the same period in 2024. The $1.3 million decrease to net cash provided by financing activities was primarily attributable to a decrease in proceeds from issuance of warrant derivative liabilities of $3.4 million, decrease in proceeds from issuance of common stock and prefunded warrants of $1.7 million, and repurchases of common stock into treasury of $0.1 million, partially offset by increases in proceeds from the exercise of warrants, net of cash fees, and deposit for stock issuance (in other current liabilities) of $3.6 million, and proceeds from issuance of warrants in connection with exercise of warrants of $0.2 million.
Current wording
Net cash provided by financing activities was $0.2 million during the three months ended March 31, 2026, compared to $4.3 million provided during the same period in 2025. The $4.0 million decrease to net cash provided by financing activities was primarily due to a decrease in proceeds from issuance of common stock and prefunded warrants of $4.4 million, partially offset by an increase in proceeds from issuance of common stock in connection with ATM of $0.3 million and a decrease in repurchases of common stock into treasury of $0.1 million.
Previous wording
A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to those policies for the nine months ended September 30, 2025.
Current wording
A summary of our significant accounting policies and estimates is discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in Note 1 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to those policies for the three months ended March 31, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We continue to seek opportunities to raise additional funding through equity and/or debt financing. However, such funding is not guaranteed and may not be available on favorable terms and may involve restrictive covenants. Any additional equity financing, if available, will most likely be dilutive to its current stockholders. If we are not able to obtain additional debt or equity financing, the impact on our company and business will be material and adverse.