NOMAD POWER SOLUTIONS, INC.
For the period ended Jun 30, 2026. Filed Aug 14, 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.
Jun 30, 2026 · Filed Aug 14, 2026
NMAD$3.60+3.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001493152-26-023150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-14.
0001493152-26-038001
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 70 previous paragraphs and 102 current paragraphs.
22 unchanged; 31 reworded; 39 added; 17 removed; 0 previous and 10 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 (39)
Current report
During the quarter ended June 30, 2026, the Company announced a strategic transformation to expand beyond its biopharmaceutical and proton-therapy operations into AI energy infrastructure equipment and services. On June 12, 2026, the Company entered into a definitive merger agreement to acquire NOMAD Transportable Power Systems, Inc. (“NOMAD”), a provider of deployable, utility-grade battery energy storage systems (“BESS”). Upon closing of the acquisition on July 1, 2026, the Company was renamed Nomad Power Solutions, Inc. effective July 3, 2026, and began trading on the Nasdaq Stock Market under a new ticker symbol on July 6, 2026 (see Note 11).
Current report
The Company’s product-development activities are primarily focused on inhibitors of protein phosphatase 2A (“PP2A”). The Company believes PP2A inhibitors may enhance the effectiveness of cytotoxic agents, radiation therapy, immune checkpoint inhibitors and other cancer treatments. The Company’s principal product candidate is LB-100, a PP2A inhibitor currently undergoing clinical development.
Current report
For the six months ended June 30, 2026, the Company incurred a net loss of $4,331,947 and used $3,468,083 of cash in operating activities. As of June 30, 2026, the Company had cash of $12,670,143. The Company has not generated any revenue since inception and has incurred recurring losses and negative operating cash flows as it advances its development programs.
Current report
On June 4, 2026, the Company completed a registered direct offering that generated aggregate gross proceeds of approximately $16.6 million before deducting offering expenses. See Note 6, “Stockholders’ Equity,” to the condensed consolidated financial statements.
Current report
On June 16, 2026, the Company advanced $6.5 million to NOMAD pursuant to a secured promissory note entered into in connection with the Company’s pending acquisition of NOMAD. See Note 11 to the condensed consolidated financial statements. The related merger agreement requires the Company to have at least $16.5 million of unrestricted cash at the closing of the acquisition.
Current report
Liquidity and Going Concern
Current report
Based on the Company’s recurring losses, negative cash flows from operations, anticipated expenditures and need for additional capital, management concluded that substantial doubt exists regarding the Company’s ability to continue as a going concern for at least 12 months following the date on which the condensed consolidated financial statements are issued.
Current report
Management continues to evaluate and pursue financing alternatives, including equity and debt financings and potential strategic transactions. There can be no assurance that additional capital will be available when needed, on acceptable terms or in amounts sufficient to fund the Company’s operations.
Current report
Following a hearing held on April 3, 2025, the Panel granted the Company an additional extension through July 3, 2025 to regain compliance. On July 2, 2025, the Company completed a private placement that generated gross proceeds of approximately $5.05 million. On July 8, 2025, the Company completed a registered direct offering that generated gross proceeds of approximately $1.5 million. On July 15, 2025, Nasdaq notified the Company that it had regained compliance with the Stockholders’ Equity Requirement.
Current report
Management evaluates its accounting estimates and assumptions on an ongoing basis using historical experience, current conditions and other factors it considers relevant. Actual results may differ from these estimates.
Current report
The Company’s principal product candidate, LB-100, has a mechanism of action that the Company believes differs from that of cancer therapies currently approved for clinical use. LB-100 is being evaluated in clinical trials involving ovarian clear cell carcinoma, metastatic colorectal cancer and advanced soft tissue sarcoma.
Current report
In preclinical animal models, LB-100 has demonstrated anticancer activity in glioblastoma multiforme, neuroblastoma and medulloblastoma. LB-100 has also been evaluated in combination with commonly used anticancer agents in animal models of melanoma, breast cancer and sarcoma. In these models, LB-100 enhanced anticancer activity at doses that did not result in significant incremental toxicity. Preclinical results, however, may not be predictive of safety or efficacy in humans.
Current report
The cost and complexity of developing a product candidate generally increase as the candidate progresses through clinical development and the regulatory approval process. The Company seeks to operate with limited overhead and to advance its development programs as efficiently as practicable. The Company expects that it will need to raise additional capital as development milestones are achieved.
Current report
The Company’s longer-term strategy includes seeking strategic collaborations, partnerships or licensing arrangements with pharmaceutical companies engaged in cancer-drug development. There can be no assurance that the Company will enter into any such arrangement on acceptable terms or at all.
Current report
LB-100 is being evaluated in multiple clinical trials. One or more of these trials could be placed on hold or terminated by an institutional review board, the U.S. Food and Drug Administration, the European Medicines Agency or another regulatory authority as a result of a serious adverse event (“SAE”) involving LB-100 or another therapy administered in combination with LB-100.
Current report
Potential SAEs could include unexpected severe side effects, treatment-related deaths or long-term health complications. A patient may also experience a dose-limiting toxicity (“DLT”). Under applicable clinical-trial protocols, the occurrence of multiple DLTs at a particular dose level may result in that dose being considered unsafe and may require subsequent patients to be treated at a lower dose level previously determined to be tolerable.
Current report
If an SAE or a pattern of SAEs occurs during a clinical trial involving LB-100, regulatory authorities or institutional review boards may require the Company or the trial sponsor to suspend enrollment or dosing, modify the trial protocol, conduct additional studies or terminate the trial. Any such action could delay or prevent further development of LB-100, increase the Company’s development costs and adversely affect its ability to obtain regulatory approval.
Current report
One patient experienced dyspnea associated with lung toxicity that was considered possibly or probably related to the combination of LB-100 and atezolizumab. That patient subsequently died from complications associated with lung metastases and dyspnea. A second patient experienced fever and aphasia that were considered possibly or probably related to the drug combination. The second patient fully recovered following supportive treatment.
Current report
Public Health Risks
Current report
The COVID-19 pandemic resulted in disruptions to global economic and business activity beginning in 2020. Although the effects of the pandemic have substantially subsided, a resurgence of COVID-19 or the emergence of another public-health emergency could disrupt the Company’s clinical-development activities, relationships with vendors and clinical sites, access to capital and general business operations. The extent of any future impact cannot be predicted.
Current report
Inflation and Interest-Rate Risk
Current report
The Company does not believe that inflation or changes in interest rates have had a material direct effect on its operations to date, other than through their broader effects on the economy and capital markets. However, inflationary pressures could increase the costs of clinical trials, contract research, manufacturing, personnel and other operating activities.
Current report
Higher interest rates could also increase borrowing costs and adversely affect the availability and terms of financing.
Current report
Supply-Chain Risk
Current report
The Company does not currently anticipate that supply-chain constraints will materially affect its ongoing clinical trials. However, future disruptions could delay the manufacturing, testing, storage or delivery of LB-100 or other materials required for the Company’s development programs.
Current report
Economic and Capital-Market Risk
Current report
A recession or deterioration in economic conditions could adversely affect the general business environment and capital markets. Such conditions could make it more difficult or costly for the Company to obtain financing and could adversely affect the market price of its common stock.
Current report
Geopolitical Risk
Current report
Military conflicts, trade restrictions and other geopolitical developments could disrupt supply chains and adversely affect the availability and cost of materials and services required for the Company’s research, clinical-development, testing and manufacturing activities. Such developments could also delay clinical trials or other development activities.
Current report
Geopolitical uncertainty may also increase volatility in global financial markets, adversely affect investor confidence and market sentiment, and limit the Company’s access to capital. These risks are outside the Company’s control, and their effect on the Company’s business, financial condition and results of operations may differ materially from management’s current expectations.
Current report
Cybersecurity Risk
Current report
The Company periodically assesses cybersecurity risks, including risks of unauthorized access to or activity involving its information and email systems that could adversely affect the confidentiality, integrity or availability of those systems or the information maintained in them. The Company also performs assessments when material changes in its business practices could affect information systems that may be vulnerable to cybersecurity threats.
Current report
Research and Development Costs. For the three months ended June 30, 2026, research and development costs were $62,250 which consisted of preclinical research focused on development of additional novel anti-cancer compounds costs of $47,077, clinical and related oversight costs of $15,018 and regulatory service costs of $155.
Current report
Research and development expenses remained flat compared to 2025.
Current report
Six Months Ended June 30, 2026 and 2025
Current report
Research and Development Costs. For the six months ended June 30, 2026, research and development costs were $395,626 which consisted of clinical and related oversight costs of $324,812, preclinical research focused on development of additional novel anti-cancer compounds costs of $70,659, and regulatory service cost of $155.
Current report
Research and development expenses increased by $243,521 or 160%, primarily due to increased expenses related to clinical and related oversight by $297,342 offset by decrease in regulatory service cost.
Current report
General and Administrative Costs. For the six months ended June 30, 2026, general and administrative costs were $3,941,701 which primarily consisted consulting fees of $1,374,100, stock based compensation to related parties of $704,407, repairs and maintenance costs of $529,494, payroll expenses of $444,769, lease expense of $297,671, insurance expense including D&O of $128,774.
Current report
Net Loss. For the six months ended June 30, 2026, the Company incurred a net loss of $4,331,947, as compared to a net loss of $1,485,228 for the six months ended June 30, 2025.
Removed paragraphs (17)
Previous report
The Company’s product pipeline is primarily focused on inhibitors of protein phosphatase 2A, which is used to enhance cytotoxic agents, radiation, immune checkpoint blockers and other cancer therapies. The Company believes that inhibitors of protein phosphatases have significant therapeutic potential for a broad range of cancers. The Company is focusing on the clinical development of a specific protein phosphatase inhibitor, referred to as LB-100.
Previous report
Company Overview
Previous report
The Company is a clinical-stage biopharmaceutical company focused on identifying new targets for cancer drug development and developing and commercializing cancer therapies. The Company’s product pipeline is primarily focused on inhibitors of protein phosphatase 2A, which is used to enhance cytotoxic agents, radiation, immune checkpoint blockers and other cancer therapies. The Company believes that inhibitors of protein phosphatases have significant therapeutic potential for a broad range of cancers. The Company is focusing on the clinical development of a specific protein phosphatase inhibitor, referred to as LB-100.
Previous report
The Company believes that the mechanism by which LB-100 affects cancer cell growth is different from cancer agents currently approved for clinical use. LB-100 is currently being tested in clinical trials in Ovarian Clear Cell Carcinoma, Metastatic Colon Cancer, and Advanced Soft Tissue Sarcoma. LB-100 has shown anti-cancer activity in animal models of glioblastoma multiforme, neuroblastoma, and medulloblastoma, all cancers of neural tissue. LB-100 has also been shown to enhance the effectiveness of commonly used anti-cancer drugs in animal models of melanoma, breast cancer and sarcoma. The enhancement of anti-cancer activity of these anti-cancer drugs occurs at doses of LB-100 that do not significantly increase toxicity in animals. It is therefore hoped that, when combined with standard anti-cancer regimens against many tumor types, LB-100 will improve therapeutic benefit.
Previous report
As a compound moves through the FDA-approval process, it becomes an increasingly valuable property, but at a cost of additional investment at each stage. As the potential effectiveness of LB-100 has been documented at the clinical trial level, the Company has allocated resources to manage its patent portfolio. The Company’s approach has been to operate with a minimum of overhead, moving compounds forward as efficiently and inexpensively as possible, and to raise funds to support each of these stages as certain milestones are reached. The Company’s longer-term objective is to secure one or more strategic partnerships or licensing agreements with pharmaceutical companies with major programs in cancer.
Previous report
The Company’s lead drug candidate, LB-100, is currently undergoing various clinical trials, and there is a risk that one or more of these trials could be placed on hold by regulatory authorities due to serious adverse events (SAEs) related to the Company’s drug candidate or to another company’s drug used in combination in one of the Company’s clinical trials. It is possible that the SAEs could be attributable to the Company’s drug candidate and could include, but not be limited to, unexpected severe side effects, treatment-related deaths, or long-term health complications. A dose given could result in non-tolerable adverse events defined as dose-limiting toxicity (DLT). When two DLTs occur at the same dose-level that dose-level is considered too high and unsafe. Further treatment is only allowed at lower dose-levels that have previously been found safe.
Previous report
If an SAE or a pattern of SAEs is observed during the course of a clinical trial involving the Company’s drug candidate, the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), or other regulatory authorities may issue a clinical hold, requiring the Company to pause or discontinue further enrollment and dosing in the Company’s clinical trial. It is also possible that the clinical trial could be terminated. Any of these actions could delay or halt the development of the Company’s drug candidate, increase development costs, and negatively impact the Company’s ability to ultimately achieve regulatory approval. Additionally, if an SAE is confirmed to be drug-related, the Company may be required to conduct additional studies, modify the study design, or abandon further development of the drug candidate altogether, which could materially impact the Company’s business, financial condition, and prospects.
Previous report
Covid-19 Virus. The global outbreak of the novel coronavirus (Covid-19) in early 2020 led to disruptions in general economic activities throughout the world as businesses and governments implemented broad actions to mitigate this public health crisis. Although Covid-19 outbreak has subsided, the extent to which the coronavirus pandemic may reappear and impact the Company’s clinical trial programs and capital raising efforts in the future is uncertain and cannot be predicted.
Previous report
**Inflation and Interest Rate Risk.**The Company does not believe that inflation or increasing interest rates have had a material effect on its operations to date, other than their impact on the general economy. However, there is a risk that the Company’s operating costs could become subject to inflationary and interest rate pressures in the future, which would have the effect of increasing the Company’s operating costs, and which would put additional stress on the Company’s working capital resources.
Previous report
**Supply Chain Issues.**The Company does not currently expect that supply chain issues will have a significant impact on its business activities, including its ongoing clinical trials.
Previous report
**Potential Recession.**There have been some indications that the United States economy may be at risk of entering a recessionary period. Although it does not appear likely at this time, an economic recession could impact the general business environment and the capital markets, which could, in turn, affect the Company.
Previous report
Geopolitical Risk. The geopolitical landscape poses inherent risks that could significantly impact the operations and financial performance of the Company. In the event of a military conflict, supply chain disruptions, geopolitical uncertainties, and economic repercussions may adversely affect the Company’s ability to conduct research, develop, test and manufacture products, and distribute them globally. This could lead to delays in product development, interruptions in the supply of critical materials, and delays in clinical trials, thereby impeding the Company’s clinical development and commercialization plans. Furthermore, the impact of a conflict on global financial markets may result in increased volatility and uncertainty in the capital markets, thereby affecting the valuation of the Company’s publicly-traded shares. Investor confidence, market sentiment, and access to capital could all be negatively influenced. Such geopolitical risks are outside the control of the Company, and the actual effects on the Company’s business, financial condition and results of operations may differ from current estimates.
Previous report
Research and development expenses increased by $241,919, or 265%, in 2026 as compared to 2025. The increase was primarily attributable to a final payment related to clinical trial engagement which increased the cost by $293,297, partially offset by a decrease in compound maintenance costs of $56,507.
Previous report
Going Concern
Previous report
Consideration of Strategic Alternatives
Previous report
The Company is focusing on a disciplined approach to strategic expansion and is focused on advancing LB-100 in high-need cancer indications, while pursuing acquisitions of complementary oncology assets that could enhance the Company’s pipeline, accelerate development and create durable value for patients and shareholders. The Company has announced that it is in advanced negotiations regarding potential transactions consistent with its strategy, although there can be no assurance that any transaction will be completed.
Previous report
The Company will continue to evaluate various alternatives to be able to obtain the capital required to fund its operations and business development activities, and to maintain its listing on the Nasdaq Capital Market, including merger or acquisition opportunities (including reverse mergers and acquisitions) and funding transactions which could result in a change in control of the Company. There can be no assurances that the evaluation process will result in the identification of an appropriate transaction, the negotiation and execution of a definitive agreement to effect such a transaction, or that any such transaction will ultimately be approved by the Company’s stockholders and then be consummated. Even if such a strategic transaction is consummated, there can be no assurances that it would enhance stockholder value, and it may result in substantial dilution to existing stockholders. Any potential transaction would be dependent on a number of factors that may be outside of the control of the Company, including, among other things, market conditions, industry trends, the interest of third parties in a potential transaction with the Company, and the availability of appropriate financing for such a transaction.
Reworded paragraphs (31)
Previous wording
This Quarterly Report on Form 10-Q of Lixte Biotechnology Holdings, Inc. (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These might include statements regarding the Company’s financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future clinical trials and their timing and costs, product demand, supply, manufacturing costs, marketing and pricing factors are all forward-looking statements. These statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “potential(ly)”, “continue”, “forecast”, “predict”, “plan”, “may”, “will”, “could”, “would”, “should”, “expect” or the negative of such terms or other comparable terminology. The Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, based on information available to it on the date hereof, but the Company cannot provide assurances that these assumptions and expectations will prove to have been correct or that the Company will take any action that the Company may presently be planning. These forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results or experience may differ materially from those expected, anticipated or implied in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies or changes thereto, available cash, research and development results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, including the section entitled “Item 1A. Risk Factors”. The Company does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Current wording
This Quarterly Report on Form 10-Q of Nomad Power Solutions, Inc. (f/k/a Lixte Biotechnology Holdings, Inc.) (the “Company”) contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These might include statements regarding the Company’s financial position, business strategy and other plans and objectives for future operations, and assumptions and predictions about future clinical trials and their timing and costs, product demand, supply, manufacturing costs, marketing and pricing factors are all forward-looking statements. These statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “potential(ly)”, “continue”, “forecast”, “predict”, “plan”, “may”, “will”, “could”, “would”, “should”, “expect” or the negative of such terms or other comparable terminology. The Company believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, based on information available to it on the date hereof, but the Company cannot provide assurances that these assumptions and expectations will prove to have been correct or that the Company will take any action that the Company may presently be planning. These forward-looking statements are inherently subject to known and unknown risks and uncertainties. Actual results or experience may differ materially from those expected, anticipated or implied in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory policies or changes thereto, available cash, research and development results, competition from other similar businesses, and market and general economic factors. This discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including the section entitled “Item 1A. Risk Factors”. The Company does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.
Previous wording
The Company is a clinical-stage biopharmaceutical company focused on identifying new targets for cancer drug development and developing and commercializing cancer therapies. The Company’s corporate office is located in Pasadena, California.
Current wording
The Company is a clinical-stage biopharmaceutical company focused on identifying novel targets for cancer drug development and developing and commercializing cancer therapies. The Company’s corporate office is located in Pasadena, California.
Previous wording
The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital. The Company has not yet commenced any revenue-generating operations, does not have positive cash flows from operations, relies on stock-based compensation for a substantial portion of employee and consultant compensation, and is dependent on periodic access to equity capital to fund its operating requirements.
Current wording
The Company’s operations are subject to significant risks and uncertainties, including its need to obtain additional capital. The Company has not commenced revenue-generating operations, has not generated positive cash flows from operations and relies, in part, on stock-based compensation to compensate employees and consultants. The Company is dependent on access to equity or debt financing and other sources of capital to fund its operating requirements and clinical-development programs.
Previous wording
The Company is currently engaged in early-stage clinical trials for its lead product candidate, LB-100. These activities require substantial research, development, regulatory, and clinical expenditures, and the Company does not expect to generate sustainable operating revenues for several years, if ever. At March 31, 2026, the Company’s remaining contractual commitments pursuant to clinical trial agreements and clinical trial monitoring agreements aggregated approximately $482,702 which are expected to be incurred through December 31, 2027.
Current wording
The Company is currently conducting early-stage clinical trials involving LB-100. These activities require substantial expenditures for research, development, regulatory compliance and clinical activities. The Company does not expect to generate sustainable operating revenue for several years, if ever.
Previous wording
In addition, through the acquisition of Liora, the Company expects to incur approximately $2 million over the next 24 months to recommission and update the Light machine. Liora currently has no revenues, and the Company will require additional capital to fund these activities.
Current wording
As of June 30, 2026, the Company’s remaining contractual commitments under clinical trial and clinical trial monitoring agreements totaled approximately $170,520 and are expected to be incurred through December 31, 2027. In addition, the Company expects to incur approximately $2.0 million over the next 24 months to recommission and update the LiGHT system equipment. Liora currently has no revenue, and the Company will require additional capital to fund these activities.
Previous wording
For the three months ended March 31, 2026, the Company incurred a net loss of $1,987,608 and used cash in operations of $1,831,363. As of March 31, 2026, the Company had cash of $3,250,650 available to fund its operations. The Company has not generated recurring revenues since inception and has incurred negative operating cash flows as it advances its development programs. As a result, management has concluded that there is a substantial doubt regarding the Company’s ability to continue as a going concern for a period of at least 12 months beyond the filing of this quarterly report. In addition, our independent registered public accounting firm, in their audit report to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, expressed substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Current wording
The report of the Company’s independent registered public accounting firm on the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 also included an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern.
Previous wording
Management is actively evaluating and pursuing additional financing alternatives, including equity and debt financing and potential strategic transactions. However, there can be no assurance that additional funding will be available on acceptable terms, in sufficient amounts, or at all. If the Company is unable to obtain the necessary funding, it may be required to delay, scale back, or eliminate its clinical development programs; curtail expenditures related to the LiGHT system; or pursue strategic alternatives, including potential asset sales or the cessation of operations.
Current wording
If the Company is unable to obtain sufficient additional funding, it may be required to delay, reduce or discontinue one or more clinical-development programs, curtail expenditures related to the LiGHT system, sell assets, pursue other strategic alternatives or cease operations.
Previous wording
The Company’s common stock are traded on the Nasdaq Capital Market under the symbol “LIXT”.
Current wording
The Company’s common stock is traded on the Nasdaq Capital Market under the symbol “NMAD”.
Previous wording
On August 23, 2024, the Company received written notification from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) that the Company was not in compliance with the minimum stockholders’ equity requirement of $2,500,000 for continued listing on the Nasdaq Capital Market under Listing Rule 5550(b) (the “Stockholders’ Equity Requirement”). On October 3, 2024, the Company submitted a plan to the Staff to regain compliance with the Stockholders’ Equity Requirement. On October 21, 2024, the Staff provided written notification to the Company that it had granted an extension through February 18, 2025 to regain compliance with the Stockholders’ Equity Requirement. As of February 18, 2025, the Company had not gained compliance with the Stockholders’ Equity Requirement. Accordingly, on February 19, 2025, the Company received written notification from the Staff stating that the Company did not meet the terms of the extension because it did not complete its proposed financing initiatives to regain compliance. The Company timely requested a hearing before the Nasdaq Hearings Panel (“Panel”), staying any suspension or delisting pending the Panel’s decision. Following an April 3, 2025 hearing, the Panel granted the Company a further extension through July 3, 2025 to regain compliance. On July 2, 2025, the Company closed a $5.05 million private placement and, on July 8, 2025, completed a $1.5 million registered direct offering. On July 15, 2025, Nasdaq notified the Company that it had regained compliance with the stockholders’ equity requirement.
Current wording
On August 23, 2024, the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company was not in compliance with the $2.5 million minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b) (the “Stockholders’ Equity Requirement”).
Previous wording
The Company remains subject to a Panel Monitor under Nasdaq Listing Rule 5815(d)(4)(B) through July 15, 2026. During this period, any future deficiency in stockholders’ equity would require the Company to request a hearing before the Panel rather than submit a new compliance plan.
Current wording
The Company remained subject to a Panel Monitor under Nasdaq Listing Rule 5815(d)(4)(B) through July 15, 2026. During the monitoring period, any subsequent deficiency under the Stockholders’ Equity Requirement would have required the Company to request a hearing before the Panel rather than submit a new compliance plan to Nasdaq. There was no subsequent deficiency through July 15, 2026.
Previous wording
Information with respect to recent accounting pronouncements is provided at Note 2 to the condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 included elsewhere in this document.
Current wording
Information regarding recently issued accounting pronouncements is included in Note 2 to the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 included elsewhere in this Quarterly Report.
Previous wording
The Company’s significant accounting policies are described in Note 2 to the condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 included elsewhere in this document. These policies, together with the related estimates and assumptions, are fundamental to understanding the Company’s results of operations and financial condition. Management evaluates these policies and estimates on an ongoing basis based on historical experience, current conditions, and other factors deemed relevant.
Current wording
The Company’s significant accounting policies are described in Note 2 to the condensed consolidated financial statements for the three and six months ended June 30, 2026 and 2025 included elsewhere in this Quarterly Report. These policies, together with the estimates and assumptions used in their application, are important to an understanding of the Company’s financial condition and results of operations.
Previous wording
There have been no material changes to the Company’s critical accounting policies and estimates from those disclosed in the Company’s most recent Annual Report on Form 10-K.
Current wording
There have been no material changes to the Company’s critical accounting policies and estimates from those disclosed in its most recent Annual Report on Form 10-K.
Previous wording
The occurrence of an SAE and any resulting clinical hold could also harm the Company’s reputation with patients, physicians, health institutions, and investors, diminish the Company’s ability to attract clinical trial participants, and damage the Company’s ability to interest investors and obtain financing in the future. There can be no assurances that the Company will not experience such SAEs in the future or that any related clinical hold will be lifted in a timely manner, or at all.
Current wording
An SAE or related clinical hold could also adversely affect the Company’s reputation among patients, investigators, medical institutions and investors; impede patient recruitment; and impair the Company’s ability to obtain financing or enter into strategic arrangements. There can be no assurance that additional SAEs will not occur or that any clinical hold will be lifted in a timely manner or at all.
Previous wording
The principal investigator of the colorectal study testing LB-100 in combination with atezolizumab (Roche PD-L1 inhibitor) is currently investigating two SAEs observed in the clinical trial that was launched in August 2024. The Institutional Review Board (the “IRB”) of the Netherlands Cancer Institute (“NKI”) has put the colorectal cancer study on hold. The adverse reactions that developed in the two patients were dyspnea (shortness of breath) due to lung toxicity possibly or probably related to the combination of LB-100 and atezolizumab in one patient and fever and aphasia possibly or probably related to the combination of LB-100 and atezolizumab in the second patient. The patient who developed lung toxicity deceased due to the combination of lung metastases of colorectal cancer and dyspnea. The patient with fever and aphasia fully recovered from the adverse events with supportive medication.
Current wording
The principal investigator of the colorectal cancer study evaluating LB-100 in combination with atezolizumab, a Roche PD-L1 inhibitor, is investigating two SAEs observed in the trial, which commenced in August 2024. The Institutional Review Board (the “IRB”) of the Netherlands Cancer Institute (“NKI”) placed the study on hold.
Previous wording
Given the identified adverse events in the two patients in the clinical trial, the IRB requested from the principal investigator of the study at the NKI information as to whether the adverse events could have been caused by the combination of LB-100 and atezolizumab and information about the mode of action of the combination of LB-100 and atezolizumab. The principal investigator prepared a response to the IRB detailing the safety experience with LB-100 given alone and in combination with other cancer drugs, especially doxorubicin and dostarlimab. Doxorubicin is a well-known chemotherapy, and dostarlimab is a well-known immunotherapy of which the mode of action is closely related to that of atezolizumab.
Current wording
The NKI IRB requested additional information from the principal investigator regarding whether the adverse events may have been caused by the combination of LB-100 and atezolizumab and the potential mechanism of action of the combination. The principal investigator submitted a response describing the safety experience with LB-100 administered alone and in combination with other cancer therapies, including doxorubicin and dostarlimab.
Previous wording
The reported adverse events in the colorectal cancer study have not been seen in any other patients thus far treated with LB-100 alone or in combination with other cancer drugs. Through early July 2025, the Company has been informed that a total of 82 patients had received or were receiving experimental treatment with LB-100.
Current wording
The adverse events reported in the colorectal cancer trial had not been observed in other patients treated with LB-100, either alone or in combination with other cancer therapies. As of early July 2025, the Company had been informed that approximately 82 patients had received or were receiving experimental treatment involving LB-100.
Previous wording
In May 2025, the Company updated the safety overview of LB-100 and delivered the updated version 5.0 of the Investigator’s Brochure (the “IB”), which contains all of the relevant preclinical, clinical and pharmacologic data with respect to the study of the LB-100 clinical compound in humans, to the investigators of all ongoing clinical trials. The investigators of the study in colorectal cancer (NCT06012734) submitted a detailed response to the IRB, including the updated IB. The Company is currently awaiting the outcome of the IRB review.
Current wording
In May 2025, the Company updated the safety information relating to LB-100 and distributed Version 5.0 of the Investigator’s Brochure to investigators participating in the Company’s ongoing clinical trials. The Investigator’s Brochure includes relevant preclinical, clinical and pharmacological information concerning the administration of LB-100 to humans. The investigators conducting the colorectal cancer study, NCT06012734, submitted a detailed response to the NKI IRB that included the updated Investigator’s Brochure. The Company is awaiting completion of the IRB’s review.
Previous wording
**Cybersecurity Risks.**The Company has established policies and processes for assessing, identifying and managing material risk from cybersecurity threats, and has integrated these processes into its overall risk management systems and processes. The Company routinely assesses material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through its information and email systems that may result in adverse effects on the confidentiality, integrity, or availability of the Company’s information and email systems or any information residing therein. The Company conducts periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in the Company’s business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems and safeguards in place to manage such risks. The Company has not encountered any cybersecurity challenges to date that have materially impaired its operations or financial condition.
Current wording
The Company has established policies and processes designed to assess, identify and manage material risks arising from cybersecurity threats and has integrated these processes into its overall risk-management framework.
Previous wording
The Company is continuing to monitor these matters and will adjust its current business and financing plans as more information becomes available.
Current wording
The Company continues to monitor these matters and may adjust its business and financing plans as additional information becomes available.
Previous wording
For the three months ended March 31, 2025, research and development costs were $91,457, which consisted of clinical and related oversight costs of $15,868, compound maintenance costs of $32,819, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $42,770.
Current wording
For the three months ended June 30, 2025, research and development costs were $60,648, which consisted of clinical and related oversight costs of $11,601, compound maintenance costs of $20,265, regulatory service costs of $1,190, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $27,592.
Previous wording
General and Administrative Costs. For the three months ended March 31, 2026, general and administrative costs were $1,654,031 which primarily consisted of Accounting fees of $413,504, Investment banking fees of $250,000, payroll expenses of $217,927, public relations fees of $178,500, consulting fees related to Liora acquisition of $172,572, legal fees of $37,590, lease expense of $145, 365, Insurance expense including D&O of $64,387, intellectual property costs of $35,032, listing fees of $14,000, Investor relations of $13,797, licenses and royalties of $7,500, and stock-based compensation to related parties of $82,176.
Current wording
General and Administrative Costs. For the three months ended June 30, 2026, general and administrative costs were $2,287,670 which primarily consisted of stock based compensation to related parties of $622,231, repairs and maintenance of $529, 494, consulting and professional fees of $517,191, payroll expenses of $226,942, insurance expense including D&O of $64,387.
Previous wording
For the three months ended March 31, 2025, general and administrative costs were $615,483, which consisted of the fair value of vested stock options issued to directors and officers of $99,738 (including quarterly director and board committee fees of $27,500), patent and licensing legal and filing fees and costs of $56,084, other consulting and professional fees of $205,315, insurance expense of $64,277, officer compensation and related costs of $118,268, cash-based director and board committee fees of $0, licensing and royalties of $7,397, shareholder reporting costs of $4,811, listing fees of $33,250, filing fees of $9,750, investor relations of $11,397, taxes and licenses of $5,056, and other operating costs of $2,998, offset by a rent refund of $2,858.
Current wording
For the three months ended June 30, 2025, general and administrative costs were $714,161, which consisted of the fair value of vested stock options issued to directors and officers of $267,999 (including quarterly director and board committee fees of $27,500 and the acceleration of the vesting of stock options held by Bas van der Baan of $167,460 as a result of the amendment of his employment contract), patent and licensing legal and filing fees and costs of $17,303, other consulting and professional fees of $206,362, insurance expense of $64,277, officer compensation and related costs of $104,947, licensing and royalties of $7,397, shareholder reporting costs of $7,353, listing fees of $13,250, filing fees of $5,420, investor relations of $11,397, taxes and licenses of $5,056, and other operating costs of $3,400.
Previous wording
General and administrative costs increased by $1,038,548 or 169%, in 2026 as compared to 2025, primarily as a result of increase in accounting fees by $318,485, increase in investment banking fees by $221,140, increase in public relations costs by 178,500, consulting fees related to acquisition by $172,572, increase in lease expense by $145,365, increase in payroll expense by $127,162 partially offset by decrease in legal fees by $43,847, decrease in consulting fees supporting prior period activities with no equivalent services requested in current period, decrease in intellectual property by $21,052.
Current wording
General and administrative costs increased by $1,573,509 or 220%, in 2026 as compared to 2025, primarily as a result of increase in accounting fees by $318,485, increase in investment banking fees by $221,140, increase in public relations costs by 178,500, consulting fees related to acquisition by $172,572, increase in lease expense by $145,365, increase in payroll expense by $127,162 partially offset by decrease in legal fees by $43,847, decrease in consulting fees supporting prior period activities with no equivalent services requested in current period, decrease in intellectual property by $21,052.
Previous wording
Interest Income. For the three months ended March 31, 2026, the Company had interest income of $3,370, as compared to interest income of $441 for the three months ended March 31, 2025, due to higher average cash balance and from prevailing higher interest rates compared to three months ended March 31, 2025.
Current wording
Interest Income. For the three months ended June 30, 2026, the Company had interest income of $2,291, as compared to interest income of $365 for the three months ended June 30, 2025, due to higher average cash balance and from prevailing higher interest rates compared to three months ended June 30, 2025.
Previous wording
Interest Expense. For the three months ended March 31, 2026, the Company had interest expense of $3,094, as compared to interest expense of $3,135 for the three months ended March 31, 2025, related to the financing of the premium for the Company’s directors and officers liability insurance policy.
Current wording
Interest Expense. For the three months ended June 30, 2026, the Company had interest expense of $851, as compared to interest expense of $1,810 for the three months ended June 30, 2025, related to the financing of the premium for the Company’s directors and officers liability insurance policy.
Previous wording
Realized Gain (Loss) on Foreign Currency Transactions. For the three months ended March 31, 2026, the Company had a realized foreign currency loss of $475, as compared to a foreign currency gain of $79 for the three months ended March 31, 2025, from foreign currency transactions.
Current wording
Realized Gain (Loss) on Foreign Currency Transactions. For the three months ended June 30, 2026, the Company had a realized foreign currency gain of $4,141 as compared to a foreign currency gain of $581 for the three months ended June 30, 2025, from foreign currency transactions.
Previous wording
Net Loss. For the three months ended March 31, 2026, the Company incurred a net loss of $1,987,608, as compared to a net loss of $709,555 for the three months ended March 31, 2025.
Current wording
Net Loss. For the three months ended June 30, 2026, the Company incurred a net loss of $2,344,339, as compared to a net loss of $775,673 for the three months ended June 30, 2025.
Previous wording
Research and Development Costs. For the three months ended March 31, 2026, research and development costs were $333,376 which consisted of clinical and related oversight costs of $309,794 and compound maintenance costs of $5,516, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $13,566.
Current wording
For the six months ended June 30, 2025, research and development costs were $152,105, which consisted of clinical and related oversight costs of $27,470, compound maintenance costs of $53,083, regulatory service costs of $1,190, and preclinical research focused on development of additional novel anti-cancer compounds to add to the Company’s clinical pipeline of $70,362.
Previous wording
At March 31, 2026, the Company had working capital of $2,182,816, as compared to working capital of $3,845,268 at December 31, 2025, reflecting a net decrease in working capital of $1,662,452 for the three months ended March 31, 2026. The decrease in working capital during the three months ended March 31, 2026 was primarily due to operating activities. As of March 31, 2026, the Company had cash of $3,250,650 available to fund its operations.
Current wording
At June 30, 2026, the Company had working capital of $17,799,012, as compared to working capital of $3,845,268 at December 31, 2025, reflecting a net increase in working capital of $13,953,744 for the six months ended June 30, 2026. The increase in working capital during the six months ended June 30, 2026 was primarily due to direct offering issuance from June 2026. As of June 30, 2026, the Company had cash of $12,670,143 available to fund its operations.
Previous wording
For the three months ended March 31, 2026, the Company incurred a net loss of $1,987,608 and used cash in operations of $1,831,363. As of March 31, 2026, the Company had cash of $3,250,650 available to fund its operations. The Company has not generated recurring revenues since inception and has incurred negative operating cash flows as it advances its development programs. As a result, management has concluded that there is a substantial doubt regarding the Company’s ability to continue as a going concern for a period of at least 12 months beyond the filing of this quarterly report. In addition, our independent registered public accounting firm, in their audit report to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, expressed substantial doubt about the Company’s ability to continue as a going concern.
Current wording
For the six months ended June 30, 2026, the Company incurred a net loss of $4,331,947 and used cash in operations of $3,468,083. As of June 30, 2026, the Company had cash of $12,670,143 available to fund its operations. The Company has not generated recurring revenues since inception and has incurred negative operating cash flows as it advances its development programs. As a result, management has concluded that there is a substantial doubt regarding the Company’s ability to continue as a going concern for a period of at least 12 months beyond the filing of this quarterly report. In addition, our independent registered public accounting firm, in their audit report to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, included an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going concern.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
The condensed consolidated financial statements have been prepared on a going-concern basis and do not include any adjustments that could result from the outcome of this uncertainty.
Current report — wording carried from elsewhere
On October 3, 2024, the Company submitted a plan to Nasdaq to regain compliance. On October 21, 2024, Nasdaq granted the Company an extension through February 18, 2025 to regain compliance with the Stockholders’ Equity Requirement.
Current report — wording carried from elsewhere
The Company had not regained compliance by February 18, 2025. Accordingly, on February 19, 2025, the Company received notice from Nasdaq that it had not satisfied the terms of the extension because it had not completed its proposed financing initiatives. The Company timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”), which stayed any suspension or delisting action pending the Panel’s decision.
Current report — wording carried from elsewhere
These assessments include consideration of reasonably foreseeable internal and external risks, the likelihood and potential impact of such risks, and the adequacy of the Company’s policies, procedures, systems and safeguards. The Company has not identified any cybersecurity incident that has materially impaired its operations or financial condition.
Current report — wording carried from elsewhere
Revenues. The Company did not have any revenues for the six months ended June 30, 2026 and 2025.
Current report — wording carried from elsewhere
For the six months ended June 30, 2025, general and administrative costs were $1,329,644, which consisted of the fair value of vested stock options issued to directors and officers of $367,737 (including quarterly director and board committee fees of $55,000 and the acceleration of the vesting of stock options held by Bas van der Baan of $167,460 as a result of the amendment of his employment contract), patent and licensing legal and filing fees and costs of $73,386, other consulting and professional fees of $439,182, insurance expense of $128,553, officer compensation and related costs of $195,711, cash-based director and board committee fees of $0, licensing and royalties of $14,795, shareholder reporting costs of $12,164, listing fees of $46,500, filing fees of $15,170, investor relations of $22,794, taxes and licenses of $10,113, travel and entertainment of $435, and other operating costs of $5,587, offset by a rent refund of $2,483.
Current report — wording carried from elsewhere
General and administrative costs increased by $2,612,057 or 196%, in 2026 as compared to 2025, primarily as a result of increase in accounting fees by $318,485, increase in investment banking fees by $221,140, increase in public relations costs by $178,500, consulting fees related to acquisition by $172,572, increase in lease expense by $145,365, increase in payroll expense by $127,162 partially offset by decrease in legal fees by $43,847, decrease in consulting fees supporting prior period activities with no equivalent services requested in current period, decrease in intellectual property by $21,052.
Current report — wording carried from elsewhere
Interest Income. For the six months ended June 30, 2026, the Company had interest income of $5,661, as compared to interest income of $806 for the three months ended June 30, 2025, due to higher average cash balance and from prevailing higher interest rates compared to three months ended June 30, 2025.
Current report — wording carried from elsewhere
Interest Expense. For the six months ended June 30, 2026, the Company had interest expense of $3,947, as compared to interest expense of $4,945 for the six months ended June 30, 2025, related to the financing of the premium for the Company’s directors and officers liability insurance policy.
Current report — wording carried from elsewhere
Realized Gain (Loss) on Foreign Currency Transactions. For the six months ended June 30, 2026, the Company had a realized foreign currency gain of $3,666 as compared to a foreign currency gain of $660 for the six months ended June 30, 2025, from foreign currency transactions.