PROVECTUS BIOPHARMACEUTICALS, INC.

Previous wording

Diagnostic grade rose bengal describes non-approved rose bengal that is used as an ingredient in historical or current ophthalmic solutions, strips, and devices, has been historically or is presently compounded by pharmacists for ophthalmic use, and has been or is in other non-ophthalmic diagnostic tests such as the rose bengal test for human brucellosis.

Current wording

Diagnostic grade rose bengal describes non-approved rose bengal that is used as an ingredient in historical or current ophthalmic solutions, strips, and devices, has been historically or is presently compounded by pharmacists for ophthalmic use, and has been or is used in other non-ophthalmic diagnostic tests such as the rose bengal test for human brucellosis.

Previous 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.

Current wording

The Company’s net loss decreased by $49,919 or 3.8% for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily as the result of a decrease in operating expenses, described below.

Previous wording

Research and development expenses were $131,130 for the three months ended June 30, 2026, a decrease of $749,705, or 85.1%, compared to $880,835 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 resulting from the reversal of accrued vacation expense to align with a newly implemented vacation policy, and insurance costs.

Current wording

Research and development expenses were $240,320 for the three months ended September 30, 2026, a decrease of $105,541, or 30.5%, compared to $345,861 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 drug candidate.

Previous wording

General and administrative expenses were $807,548 for the three months ended June 30, 2026, a decrease of $169,825, or 17.4%, compared to $977,373 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. These decreases were partially offset by higher insurance expenses, higher other general and administrative expenses due to renewal of software licenses and higher travel and entertainment expenses compared to the same period in 2025.

Current wording

General and administrative expenses were $971,045 for the three months ended September 30, 2026, an increase of $41,299, or 4.4%, compared to $929,746 for the same period in 2025. The increase was primarily attributable to higher professional fees related to timing of accounting services, and increased legal fees related to new patents and annuities recognized during the current period. These increases were partially offset by lower other general and administrative expenses due to reduction of late fees compared to the same period in 2025.

Previous 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.

Current wording

Interest expense was $62,345 for the three months ended September 30, 2026, compared to $48,022 for the same period in 2025, representing an increase of $14,323, or 29.8%. The increase was primarily attributable to higher outstanding balances of convertible debt during the 2026 period.

Previous wording

The Company’s net loss decreased by $724,018 or 24.0% for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily as the result of a decrease in operating expenses, described below.

Current wording

The Company’s net loss decreased by $773,937 or 17.8% for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily as the result of a decrease in operating expenses, described below.

Previous wording

Grant revenue recognized during the six months ended June 30, 2026 was $0, compared to $336,108 for the same period in 2025, representing a decrease of $336,108, 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 nine months ended September 30, 2026 was $0, compared to $336,108 for the same period in 2025, representing a decrease of $336,108, or 100.0%. The decrease was attributable to the completion and full recognition of grant revenue in 2025 under the awarded program*.*

Previous wording

The following table summarizes research and development expenses for the six months ended June 30, 2026 and 2025.

Current wording

The following table summarizes research and development expenses for the nine months ended September 30, 2026 and 2025.

Previous 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.

Current wording

Research and development expenses were $704,784 for the nine months ended September 30, 2026, a decrease of $924,064, or 56.7%, compared to $1,628,848 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 drug candidate. The decrease was also due to reversal of accrued vacation expense, lower-payroll-related expenses, and insurance costs.

Previous wording

The following table summarizes general and administrative expenses for the six months ended June 30, 2026 and 2025.

Current wording

The following table summarizes general and administrative expenses for the nine months ended September 30, 2026 and 2025.

Previous 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.

Current wording

General and administrative expenses were $2,693,162 for the nine months ended September 30, 2026, a decrease of $188,374, or 6.5%, compared to $2,881,536 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, 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 and legal fees related to new patents and annuities compared to the same period in 2025.

Previous wording

Other income was $281 for the three months ended June 30, 2026, compared to $0 for the same period in 2025, representing an increase of $281, or 100.0%. The increase was due to a research and development tax credit refund received in Australia.

Current wording

Other income was $281 for the nine months ended September 30, 2026, compared to $0 for the same period in 2025. The increase was due to a research and development tax credit refund received in Australia.

Previous wording

Interest expense was $103,365 for the six months ended June 30, 2026, compared to $115,014 for the same period in 2025, representing a decrease of $11,649, or 10.1%. The decrease was primarily attributable to lower outstanding balances of convertible debt and notes payable during the 2026 period.

Current wording

Interest expense was $165,710 for the nine months ended September 30, 2026, compared to $163,036 for the same period in 2025, representing an increase of $2,674, or 1.6%. The increase was primarily attributable to higher outstanding balances of convertible debt during the 2026 period.

Previous 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.

Current wording

The Company’s cash was $180,733 at September 30, 2026, compared to $251,291 at December 31, 2025. The Company’s working capital deficit was $6,730,268 and $6,329,504 as of September 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 $266,393,108 as of September 30, 2026. These conditions raise substantial doubt about our ability to continue as a going concern for a period within one year after 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 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.

Current wording

As of September 30, 2026, cash requirements for our current liabilities include approximately $4,107,944 for accounts payable and other accrued expenses (including lease liabilities) and $60,568 for notes payable related to our financing of our commercial insurance policies and software license. Under an amendment to the 2021 Convertible Note Payable, the maturity date of the $140,439 aggregate principal and accrued interest balance was extended such that $25,000 is due in November 2026, and the remaining balance is due in February 2027. Principal and interest in the aggregate amount of $2,796,514 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.

Previous wording

Management’s plans include selling our equity securities and obtaining other financing, including the issuance of 2025 unsecured convertible notes (the “2025 Financing”), to fund our capital requirements and on-going operations; however, there can be no assurance that the Company will be successful in these efforts. Significant funds will be needed to continue and complete our ongoing and planned clinical trials.

Current wording

Management’s plans include selling our equity securities and obtaining other financing, including the issuance of 2025 unsecured convertible notes, to fund our capital requirements and on-going operations; however, there can be no assurance that the Company will be successful in these efforts. Significant funds will be needed to continue and complete our ongoing and planned clinical trials.