PROVECTUS BIOPHARMACEUTICALS, INC.

Previous wording

The Company is developing a systemically administered formulation of pharmaceutical-grade RBS for the treatment of cancer. Our goals, when this work is complete, are to file an investigational new drug application (“IND”) with the U.S. Food and Drug Administration (“FDA”), take an initial systemic drug candidate into an early-stage clinic trial for an initial oncology or hematology indication, and/or pursue a co-development collaboration or out-license arrangement for this route of administration and disease area.

Current wording

The Company is developing a systemically administered formulation of pharmaceutical-grade RBS for the treatment of cancer. Our goals, when this work is complete, are to file an investigational new drug application (“IND”) with the U.S. Food and Drug Administration (“FDA”), take an initial systemic drug candidate into an early-stage clinical trial for an initial oncology or hematology indication, and/or pursue a co-development collaboration or out-license arrangement for this route of administration and disease area.

Previous wording

The Company is developing different formulations of pharmaceutical-grade RBS using different concentrations and different routes of administration for other disease areas by endeavoring to show non-clinical activity and lack of toxicity. Our goals, when each task of this work is completed, are to file an IND with the FDA, take an initial drug candidate into an early-stage clinic trial for an initial indication, and/or pursue a co-development collaboration or out-license arrangement for the respective disease area and route of administration.

Current wording

The Company is developing different formulations of pharmaceutical-grade RBS using different concentrations and different routes of administration for other disease areas by endeavoring to show non-clinical activity and lack of toxicity. Our goals, when each task of this work is completed, are to file an IND with the FDA, take an initial drug candidate into an early-stage clinical trial for an initial indication, and/or pursue a co-development collaboration or out-license arrangement for the respective disease area and route of administration.

Previous wording

The Company’s API and drug candidate manufacturing processes employ Quality-by-Design principles, current good manufacturing practice (“cGMP”) regulations, and the guidelines of The International Council for Harmonization (ICH) of Technical Requirements for Pharmaceuticals for Human Use. These processes utilize controls that eliminate the formation of historical impurities and avoid the introduction of potentially hazardous impurities that the Company believes may have been and could be present in uncontrolled and unreported amounts in non-pharmaceutical grades of rose bengal.

Current wording

The Company’s API and drug candidate manufacturing processes employ Quality-by-Design principles, current good manufacturing practice (“cGMP”) regulations, and the guidelines of The International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human Use (ICH). These processes utilize controls that eliminate the formation of historical impurities and avoid the introduction of potentially hazardous impurities that the Company believes may have been and could be present in uncontrolled and unreported amounts in non-pharmaceutical grades of rose bengal.

Previous wording

The Company’s net loss increased by $139,347 or 12.0% for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily as the result of a decrease in grant revenue and a decrease in operating expenses, described below.

Current wording

The Company’s net loss decreased by $863,365 or 46.6% for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily as the result of a decrease in operating expenses, described below.

Previous wording

Grant revenue recognized during the three months ended March 31, 2026 was $0, compared to $278,628 for the same period in 2025, representing a decrease of $278,628, or 100.0%. The decrease was attributable to the completion and full recognition of grant revenue in 2025 under the awarded program*.*

Current wording

Grant revenue recognized during the three months ended June 30, 2026 was $0, compared to $57,480 for the same period in 2025, representing a decrease of $57,480, or 100.0%. The decrease was attributable to the completion and full recognition of grant revenue in 2025 under the awarded program*.*

Previous wording

Interest expense was $53,046 for the three months ended March 31, 2026, compared to $63,661 for the same period in 2025, representing a decrease of $10,615, or 16.7%. The decrease was primarily attributable to lower outstanding balances of convertible debt and notes payable during the 2026 period.

Current wording

Interest expense was $50,319 for the three months ended June 30, 2026, compared to $51,353 for the same period in 2025, representing a decrease of $1,034, or 2.0%. The decrease was primarily attributable to lower outstanding balances of convertible debt and notes payable during the 2026 period.

Previous wording

Research and development expenses were $333,334 for the three months ended March 31, 2026, a decrease of $69,370, or 17.2%, compared to $402,704 for the same period in 2025. The decrease occurred despite the addition of a new drug candidate and was primarily driven by lower clinical trial and research-related costs due to reduced activity levels during the period, including manufacturing and development activities associated with the new drug candidate. The decrease was also attributable to lower payroll-related expenses and insurance costs. These decreases were partially offset by higher travel and entertainment expenses related to meetings with the University of Miami and Bascom Palmer.

Current wording

Research and development expenses were $464,464 for the six months ended June 30, 2026, a decrease of $818,523, or 63.8%, compared to $1,282,987 for the same period in 2025. The decrease was primarily driven by lower clinical trial and research-related costs due to reduced activity levels during the period, including manufacturing and development activities associated with the new drug candidate. The decrease was also attributable to lower payroll-related expenses and insurance costs.

Previous wording

General and administrative expenses were $914,569 for the three months ended March 31, 2026, a decrease of $59,296, or 6.1%, compared to $973,865 for the same period in 2025. The decrease was primarily attributable to lower professional fees related to timing of accounting services and stock-based compensation expense recognized during the current period from stock options granted in December 2025, as well as a one time donation in 2025. These decreases were partially offset by higher legal fees related to patents, higher other general and administrative expenses due to renewal of software licenses and higher insurance expenses compared to the same period in 2025.

Current wording

General and administrative expenses were $1,722,117 for the six months ended June 30, 2026, a decrease of $229,673, or 11.8%, compared to $1,951,790 for the same period in 2025. The decrease was primarily attributable to lower professional fees related to timing of accounting services, decreased payroll and taxes due to the reversal of accrued vacation expense, reduced legal fees, and lower stock-based compensation amortization expense recognized during the current period, as well as a one-time donation in 2025. These decreases were partially offset by higher insurance expenses, higher other general and administrative expenses due to renewal of software licenses and increase in travel and entertainment expenses compared to the same period in 2025.

Previous wording

The Company’s cash was $223,883 at March 31, 2026, compared to $251,291 at December 31, 2025. The Company’s working capital deficit was $6,781,376 and $6,329,504 as of March 31, 2026 and December 31, 2025, respectively. We have continuing net losses and negative cash flows from operating activities. In addition, we have an accumulated deficit of $264,144,266 as of March 31, 2026. These conditions raise substantial doubt about our ability to continue as a going concern for a period within one year from the date that the financial statements included elsewhere in this Quarterly Report on Form 10-Q are issued. The condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Our financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern depends on our ability to obtain additional financing as may be required to fund current operations.

Current wording

The Company’s cash was $1,156,915 at June 30, 2026, compared to $251,291 at December 31, 2025. The Company’s working capital deficit was $6,338,261 and $6,329,504 as of June 30, 2026 and December 31, 2025, respectively. We have continuing net losses and negative cash flows from operating activities. In addition, we have an accumulated deficit of $265,126,832 as of June 30, 2026. These conditions raise substantial doubt about our ability to continue as a going concern for a period within one year from the date that the financial statements included elsewhere in this Quarterly Report on Form 10-Q are issued. The condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Our financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern depends on our ability to obtain additional financing as may be required to fund current operations.

Previous wording

As of March 31, 2026, cash requirements for our current liabilities include approximately $4,432,651 for accounts payable and other accrued expenses (including lease liabilities) and $161,265 for notes payable related to our financing of our commercial insurance policies and software license. Principal and interest in the aggregate amount of $2,647,845 owed in connection with 2021 and 2025 Notes convert automatically to preferred stock at maturity and are only subject to repayment in the event of a change of control or event of default. The Company intends to meet its cash requirements from its current cash balance and from future financings.

Current wording

As of June 30, 2026, cash requirements for our current liabilities include approximately $4,141,079 for accounts payable and other accrued expenses (including lease liabilities) and $92,443 for notes payable related to our financing of our commercial insurance policies and software license. Principal and interest in the aggregate amount of $163,444 owed in connection with the 2021 Convertible Notes Payable will be paid back in August 2026. Principal and interest in the aggregate amount of $3,310,179 owed in connection with 2025 Convertible Notes Payable automatically convert to preferred stock at maturity and are only subject to repayment in the event of a change of control or event of default. The Company intends to meet its cash requirements from its current cash balance and from future financings.