Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion together with our financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that are based on our current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors, including those which we discuss under "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q.

Overview

We are a clinical-stage biopharmaceutical company developing targeted immunotherapies for cancer. Ateganosine (also known as THIO, 6-thio-dG or 6-thio-2 '-deoxyguanosine), our lead asset, is an investigational dual mechanism of action drug candidate incorporating telomere targeting and immunogenicity. Our initial disease target is lung cancer, a serious medical condition with an incidence of over 235,000 new cases in the US in 2024, representing 12% of all cancers, and over 125,000 deaths, or 20% of all cancers. Worldwide, lung cancer incidence is over 2,200,000 per year (ranking second only after breast cancer), and mortality over 1,800,000 (ranking first). Specifically, we are targeting Non-Small Cell Lung Cancer ("NSCLC"), which represents 85% of all lung cancers. In July 2022, the first patient was administered with ateganosine in our Phase 2 human trial (THIO-101) in Australia. In December 2022, regulatory authorities in three European countries, Hungary, Poland, and Bulgaria, approved the implementation of THIO-101, Phase 2 clinical trial evaluating ateganosine in patients with NSCLC. Patients with advanced NSCLC will be treated first with ateganosine followed a few days later by the immune checkpoint inhibitor Libtayo^® (cemiplimab), manufactured and commercialized by Regeneron. Cemiplimab is a fully human monoclonal antibody targeting the immune checkpoint receptor PD-1 on T-cells. Cemiplimab has been approved in the United States and the rest of the world for multiple cancer indications, including NSCLC. In February 2021, we signed a clinical supply agreement with Regeneron to receive cemiplimab at no cost, which represents a significant cost-savings for the study. In return, we have granted Regeneron exclusive development rights in combination with PD-1 inhibitors for NSCLC for the study period. Based on the clinical data generated by our THIO-101 trial, we plan to seek filing for an accelerated approval of ateganosine in the United States for the treatment of patients with advanced NSCLC in 2026, but even if granted, accelerated approval status does not guarantee an accelerated review or marketing approval by the Food and Drug Administration (FDA). We initiated a Phase 3 pivotal trial in 2025, named THIO-104, to evaluate the efficacy of ateganosine administered in sequence with a checkpoint inhibitor (CPI) in third-line NSCLC patients who are resistant to checkpoint inhibitors and chemotherapy which could lead to filing for early full commercial approval in 2027 and final analysis could lead to filing for full commercial approval in 2028. The multicenter, open-label, pivotal Phase 3 trial is designed to provide a direct comparison to chemotherapy in a 1:1 randomization of up to 300 patients. In addition, the originally planned Phase 2 clinical trial in multiple tumor indications (THIO-102) is now divided into different trials for one tumor indication each: hepatocellular carcinoma (HCC), colorectal cancer (CRC) and small cell lung cancer (SCLC). In December 2024, we entered into a clinical supply agreement with global oncology company BeOne Medicines to assess the efficacy of ateganosine in combination with BeOne's immune checkpoint inhibitor (CPI) tislelizumab in three cancer indications across different trials to study the drug combination in HCC, SCLC and CRC. Phase 2 clinical trials in HCC, CRC and SCLC are planned to be initiated in 2026, evaluating treatment with ateganosine administered in sequence with BeOne's immune checkpoint inhibitor, tislelizumab. In June 2025, MAIA announced its entry into a clinical master supply agreement with Roche for future studies investigating the combination of ateganosine sequenced with Roche's checkpoint inhibitor (CPI), atezolizumab (Tecentriq^®), for the treatment of multiple cancers indications. Clinical trials with other solid tumors (ST), such as breast, prostate, gastric, pancreatic and ovarian, may still be considered for potential future trials.

We were incorporated in Delaware in August 2018, and have operations in Chicago, Illinois, with some of our team members setup virtually and working remotely in California, North Carolina, and New Jersey, among others. Our principal executive office is located at 444 West Lake Street, Suite 1700, Chicago, IL 60606, and our phone number is (312) 416-8592. In July 2021, we established a wholly-owned Australian subsidiary, MAIA Biotechnology Australia Pty Ltd., to conduct various preclinical and clinical activities for the development of our product candidates. ln April 2022, we established a wholly owned Romanian subsidiary, MAIA Biotechnology Romania S.R.L. to conduct various preclinical and clinical activities for the development of our product candidates. Our website address is www.MAIABiotech.com.

We accomplished the key milestones set forth below in the nine months ended September 30, 2026, and subsequent to quarter-end through the date of the Quarterly Report: Please note that on March 18, 2025, the company announced "ateganosine" as the nonproprietary (generic) name for THIO, and its intent to use the generic name to support clear communication, while keeping the name THIO in the Company's clinical trial designations (THIO-101, THIO-102, THIO-104).

	●	On January 20, 2026, we provided a corporate update on 2025 achievements and highlighted key targeted milestones and growth catalysts for 2026. The targeted milestones include: (i) initial measures of efficacy from Phase 3 study, with interim disease control rates (DCR), overall response rates (ORR) and progression free survival (PFS) analysis of ateganosine compared to the control arm will support regulatory discussions; (ii) expected conclusion of Part C of Phase 2 study, which will provide additional clinical efficacy data to support regulatory review for commercial approval; (iii) Plan to engage in regulatory interactions with the FDA to expand ongoing FDA dialogue under the Fast Track designation, including discussions around trial enhancements and prospects for Accelerated Approval and Priority Review; (iv) clinical development of second-generation molecules planned to start in Phase 1 trials, with additional small molecules fully developed in-house with better expected efficacy compared to ateganosine.
	●	On March 4, 2026, we issued and sold 20,000,000 shares of our common stock in confidentially marketed public offering at a price of $1.50 per share for aggregate gross proceeds of $30 million, prior to deducting underwriting discounts and other offering expenses. In addition, on March 9, 2026, the Company closed on the partial exercise of underwriter over-allotment option for the above referenced offering for an additional 2,005,875 shares of common stock at the offering price of $1.50 per share resulting in additional gross proceeds of approximately $3 million. After giving effect to the partial exercise of the over-allotment option, the total number of shares sold by Company in the offering increased to 22,005,875 and gross proceeds increased to approximately $33 million.
	●	On March 31, 2026, we announced overall survival (OS) beyond two years for eight patients treated with ateganosine sequenced with cemiplimab in Parts A and B of its ongoing Phase 2 THIO-101 clinical trial in non-small cell lung cancer (NSCLC). The patients did not receive subsequent lines of therapy. The highlights were presented in a poster on March 27, 2026, at the European Lung Cancer Congress 2026 (ELCC), in Copenhagen, Denmark.
	●	On April 8, 2026, we announced that net proceeds from the $33 million confidentially marketed public offering of common stock in March 2026 are expected to fully fund the Company's ongoing pivotal Phase 3 clinical trial of its lead investigational therapy, ateganosine, as a treatment for non-small cell lung cancer (NSCLC).
	●	On April 16, 2026, we announced the activation of the first U.S. clinical site in its Phase 2 THIO-101 expansion trial of its lead investigational therapy as a third-line (3L) treatment for non-small cell lung cancer (NSCLC). The trial's expansion into the U.S. marks a key milestone for MAIA, which is expected to open a significantly larger patient pool for evaluation of ateganosine, a novel dual mechanism of action drug candidate incorporating telomere targeting and immunogenicity. In addition to the first location, Summit Medical Group in New Jersey, MAIA intends to open four additional sites in the U.S. in 2026. The trial is ongoing in Europe and Asia with 44 active sites in 6 countries.
	●	On June 3, 2026, we announced that the U.S. Food and Drug Administration ("FDA") cleared an amendment to the Investigational New Drug ("IND") application for ateganosine, enabling MAIA to initiate U.S. patient enrollment in the expansion of its Phase 2 THIO-101 clinical trial evaluating ateganosine in patients with advanced third-line ("3L") non-small cell lung cancer ("NSCLC"). The amended IND also reflects updates to the Company's manufacturing processes, including additional manufacturers, formulation improvements and revised storage conditions for ateganosine.
	●	On June 4, 2026, we announced a patient enrollment update for the ongoing pivotal Phase 3 THIO-104 clinical trial evaluating ateganosine as a treatment for advanced 3L NSCLC. As of the announcement date, 29 patients had been dosed across 34 activated clinical sites in six countries outside the United States.
	●	On June 10, 2026, we announced the activation of Central Alabama Research in Homewood, Alabama, as the second U.S. clinical site participating in the Phase 2 THIO-101 expansion trial.
	●	On June 18, 2026, we announced the activation of the Winship Cancer Institute of Emory University as the third U.S. clinical site participating in the Phase 2 THIO-101 expansion trial.

	●	On June 25, 2026, we announced the completion of international patient enrollment in Part C of the Phase 2 THIO-101 expansion trial evaluating ateganosine in patients with advanced 3L NSCLC. Patient screening continues at activated clinical sites in the United States while the Company continues to monitor patient outcomes and data maturation from the international portion of the study.
	●	On July 8, 2026, we announced initial efficacy results from Part C of the Phase 2 THIO-101 clinical trial. As of July 6, 2026, among the 21 efficacy-evaluable patients who had undergone at least one post-baseline tumor assessment, the study demonstrated a disease control rate ("DCR") of 90.5% (19 of 21 patients) following treatment with ateganosine administered sequentially with cemiplimab (Libtayo®).
	●	On September 10, 2026, we announced the presentation of a poster featuring MAIA's second-generation telomere-targeting anticancer drug candidates at the XXVI International Round Table on Nucleosides, Nucleotides and Nucleic Acids (IRT 2026) held in Barcelona, Spain. These next-generation candidates are designed to attack tumors through multiple mechanisms, with the goal of delivering greater efficacy than ateganosine alone.
	●	On September 16, 2026, we announced that the first U.S. patient was dosed in the Phase 2 THIO-101 trial expansion evaluating its telomere-targeting lead candidate, ateganosine, in third-line non-small cell lung cancer (NSCLC).
	●	On September 22, 2026, we announced that enrollment had reached 65 patients in the ongoing pivotal Phase 3 trial, THIO-104, evaluating its novel telomere-targeting therapy as a third-line (3L) treatment for advanced non-small cell lung cancer (NSCLC). The THIO-104 trial reached 38 trial sites activated in 6 foreign countries (Taiwan, Romania, Turkey, Georgia, Poland and Hungary).
	●	On September 23, 2026, we announced that MAIA received regulatory approval by the Spanish Agency for Medicines and Medical Devices (AEMPS) and Portugal's National Authority of Medicines and Health Products (INFARMED) to begin screening patients for its ongoing pivotal Phase 3 THIO-104 clinical trial in non-small cell lung cancer (NSCLC).
	●	On October 7, 2026, we announced that MAIA reached an enrollment milestone with 150 patients treated with ateganosine sequenced with an immune checkpoint inhibitor (CPI) in the ongoing Phase 2 and pivotal Phase 3 clinical trials of its novel telomere-targeting agent ateganosine as a treatment for non-small cell lung cancer (NSCLC).
	●	In addition to NSCLC, HCC, SCLC and CRC we plan to conduct clinical trials evaluating ateganosine in sequential combination with an immune checkpoint inhibitor in several other cancer indications, including solid tumors, such as breast, prostate, gastric, pancreatic and ovarian cancers.

Impact of the War in Ukraine and War in Israel on Our Operations

The short and long-term implications of war in Ukraine and war in Israel are difficult to predict at this time. The imposition of sanctions and counter sanctions may have an adverse effect on the economic markets generally and could impact our business, financial condition, and results of operations. Because of the highly uncertain and dynamic nature of these events, the Company terminated any planned research activities in the impacted areas.

Results of Operations for the Three and Nine Months Ended September 30, 2026 and 2025

Comparison of Three Months ended September 30, 2026 and 2025

		Three Months Ended September 30,								Change
		2026				2025				Dollars				Percentage
Operating expenses:
Research and development expenses		$	5,336,526			$	6,357,290			$	(1,020,764	)			(16	)%
General and administrative expenses			2,688,263				3,003,636				(315,373	)			(10	)%
Total operating costs and expenses			8,024,789				9,360,926				(1,336,137	)			(14	)%
Loss from operations			(8,024,789	)			(9,360,926	)			1,336,137				(14	)%
Other (expense) income:
Interest income			186,194				78,426				107,768				137	%
Grant income			310,176				-				310,176				100	%
Change in fair value of warrant liability			350,282				379,311				(29,029	)			(8	)%
Other income (expense) net			846,652				457,737				388,915				85	%
Net loss		$	(7,178,137	)		$	(8,903,189	)		$	1,725,052				(19	)%

Operating Costs and Expenses

Research and development expenses

Research and development expenses decreased by approximately $1,021,000 (or approximately 16%), from approximately $6,357,000 for the three months ended September 30, 2025, compared to approximately $5,336,000 for the three months ended September 30, 2026. The decrease was primarily related to a decrease in scientific research and clinical research of approximately $1,174,000, a decrease in professional fees of approximately $37,000 offset by an increase in payroll expense of approximately $96,000, an increase in other expenses of approximately $10,000, and an increase in stock-based compensation cost of approximately $84,000.

General and administrative expenses

General and administrative expenses decreased by approximately $315,000 (or approximately 10%) from approximately $3,003,000 for the three months ended September 30, 2025, compared to approximately $2,688,000 for the three months ended September 30, 2026. The decrease was primarily related to a decrease in investor relations of approximately $374,000, a decrease in other expenses of approximately $255,000, offset by an increase in payroll of approximately $46,000, an increase in professional fees of approximately $117,000, and an increase in stock-based compensation of approximately $151,000.

Other income (expense), net

Other income (expense), net increased by approximately $389,000 (or approximately 85%) from other income (expense), net of approximately $458,000 for the three months ended September 30, 2025, compared to other income (expense), net of approximately $847,000 for the three months ended September 30, 2026. The increase was primarily related to an increase in grant income of $310,000, a net increase in interest income of approximately $108,000 offset by a decrease in the change in the fair value of the warrant liability of approximately $29,000.

Comparison of Nine Months Ended September 30, 2026 and 2025

		Nine Months Ended September 30,								Change
		2026				2025				Dollars				Percentage
Operating expenses:
Research and development expenses		$	14,501,283			$	12,665,688			$	1,835,595				14	%
General and administrative expenses			8,790,686				7,286,726				1,503,960				21	%
Total operating costs and expenses			23,291,969				19,952,414				3,339,555				17	%
Loss from operations			(23,291,969	)			(19,952,414	)			(3,339,555	)			17	%
Other income (expense):
Interest income			534,271				240,306				293,965				122	%
Grant income			730,914				-				730,914				100	%
Change in fair value of warrant liability			535,408				944,698				(409,290	)			(43	)%
Other income (expense) net:			1,800,593				1,185,004				615,589				52	%
Net loss		$	(21,491,376	)		$	(18,767,410	)		$	(2,723,966	)			15	%

Operating Costs and Expenses

Research and development expenses

Research and development expenses increased by approximately $1,836,000 (or approximately 14%), from approximately $12,665,000 for the nine months ended September 30, 2025, to approximately $14,501,000 for the nine months ended September 30, 2026. The increase was primarily related to an increase in scientific research and clinical research of approximately $1,233,000, an increase in payroll expense of approximately $479,000, an increase in stock-based compensation cost of approximately $118,000, and an increase in other expense of approximately $9,000, offset by a decrease in professional fees of approximately $3,000.

General and administrative expenses

General and administrative expenses increased by approximately $1,504,000 (or approximately 21%) from approximately $7,287,000 for the nine months ended September 30, 2025, to approximately $8,791,000 for the nine months ended September 30, 2026. The increase was primarily related to an increase in professional fees of approximately $461,000, an increase in investor relations of approximately $124,000, an increase in stock-based compensation of approximately $317,000, an increase in payroll expense of approximately $811,000 offset by a decrease in other expense of approximately $209,000.

Other income (expense), net

Other income (expense), net increased by approximately $616,000 (or approximately 52%) from other income (expense), net of approximately $1,185,000 for the nine months ended September 30, 2025, to other income (expense), net of approximately $1,801,000 for the nine months ended September 30, 2026. The increase was primarily related to an increase in grant income of approximately $731,000, a net increase in interest income of approximately $294,000 offset by a decrease in the change in the fair value of the warrant liability of approximately $409,000.

Liquidity and Capital Resources

Sales of Common Stock

On February 24, 2025, we issued and sold 1,810,000 shares of our Common Stock and warrants to purchase 1,810,000 shares of our Common Stock in a private placement to certain accredited investors and to our participating directors pursuant to securities purchase agreements dated February 18,2025 at a price of $1.50 per share, for which we received gross proceeds of approximately $2.7 million. The securities sold to our directors participating in the February 24, 2025, private placement were issued pursuant to the MAIA 2021 Plan.

On March 3, 2025, we issued and sold 952,633 shares of our Common Stock and warrants to purchase 952,633 shares of our Common Stock in a private placement to certain accredited investors and to our participating directors pursuant to securities purchase agreements dated February 25, 2025 at a price of $1.50 per share, for which we received gross proceeds of approximately $1.4 million. The securities sold to our directors participating in the March 3, 2025, private placement were issued pursuant to the MAIA 2021 Plan.

From January 1, 2025 through March 31, 2025, we sold 666,323 shares of Common Stock through Wainwright under the ATM Agreement at an average price of approximately $2.28 per share, resulting in aggregate gross proceeds of approximately $1,521,091, for which we paid Wainwright approximately $45,633 in commissions and other issuance costs of $84,587, resulting in net proceeds to us of approximately $1,390,871. During the quarter ended September 30, 2026, the Company did not sell shares of Common Stock under the ATM agreement.

From April 1, 2025 through June 30, 2025, we sold 793,429 shares of Common Stock through Wainwright under the ATM Agreement at an average price of approximately $1.87 per share, resulting in aggregate gross proceeds of approximately $1,480,894, for which we paid Wainwright approximately $44,427 in commissions and other issuance costs of $16,705, resulting in net proceeds to us of approximately $1,419,762.

From July 1, 2025 through September 30, 2025, we sold 2,086,312 shares of Common Stock through Wainwright under the ATM Agreement at an average price of approximately $1.81 per share, resulting in aggregate gross proceeds of approximately $3,779,251, for which we paid Wainwright approximately $113,378 in commissions and other issuance costs of $3,758, resulting in net proceeds to us of approximately $3,662,115.

On May 8, 2025, we issued and sold 719,999 shares of our Common Stock and warrants to purchase 719,999 shares of our Common Stock in a private placement to certain accredited investors and to our participating directors pursuant to securities purchase agreements dated May 5, 2025, at a price of $1.50 per share, for which we received gross proceeds of approximately $1.08 million. The securities sold to our directors participating in the May 8, 2025 private placement were issued pursuant to the MAIA 2021 Plan.

On June 3, 2025, we issued and sold 463,332 shares of our Common Stock and warrants to purchase 463,332 shares of our Common Stock in a private placement to certain accredited investors and to our participating directors pursuant to securities purchase agreements dated May 27, 2025, at a price of $1.50 per share, for which we received gross proceeds of approximately $0.7 million. The securities sold to our directors participating in the June 3, 2025 private placement were issued pursuant to the MAIA 2021 Plan.

On June 17, 2025, the Company executed a Warrant Inducement Offer to select warrant holders allowing them to exercise their warrants held at a reduction of the exercise price for cash. The warrant's exercise price was reduced to $1.50 per share. Certain warrant holders accepted the offer and warrants were exercised, resulting in the issuance of 219,283 shares of MAIA Common Stock for proceeds of approximately $328,924. The fair value of the modified warrants was greater than the fair value of the original warrants at the modification date by $105,154; therefore, the incremental cost was recognized as an increase to warrant additional paid in capital and a decrease to additional paid in capital, there was no net equity difference.

On September 18, 2025, the Company executed a Warrant Inducement Offer to select warrant holders allowing them to exercise their warrants held at a reduction of the exercise price for cash. The warrant's exercise price was reduced to $1.30 per share. Certain warrant holders accepted the offer and warrants were exercised, resulting in the issuance of 440,503 shares of MAIA Common Stock for proceeds of approximately $572,654. The fair value of the modified warrants was greater than the fair value of the original warrants at the modification date by $60,275; therefore, the incremental cost was recognized as an increase to warrant additional paid in capital and a decrease to additional paid in capital, there was no net equity difference.

On March 4, 2026, the Company issued and sold 20,000,000 shares of its Common Stock to certain accredited investors pursuant to a confidentially marketed public offering with Konik Capital Partners, LLC ("Konik Capital") at a price per share of $1.50 for which the Company received gross proceeds of approximately $30,000,000. The Company paid Konik Capital approximately $1,500,000 in commissions and other issuance costs of approximately $329,000, resulting in net proceeds to the Company of approximately $28,171,000.

On March 9, 2026, the Company issued and sold 2,005,875 shares of its Common Stock to certain accredited investors pursuant to a confidentially marketed follow-on public offering with Konik Capital at a price per share of $1.50 for which the Company received gross proceeds of approximately $3,009,000. The Company paid Konik Capital approximately $150,000 in commissions and other issuance costs of approximately $16,000, resulting in net proceeds to the Company of approximately $2,843,000.

We will need to raise additional capital to fund our operations, to develop and commercialize ateganosine, and to develop, acquire or in-license other products. We may seek to fund our operations through public equity, private equity, or debt financing, as well as other sources. We cannot make any assurances that additional financing will be available to us and, if available, on acceptable terms or at all. This could negatively impact our business and operations and could also lead to the reduction of our operations.

Cash Flows

Cash Flows for the Nine Months ended September 30, 2026 and 2025

		Nine Months Ended September 30,
		2026				2025
Net cash flows used in operating activities		$	(18,372,402	)		$	(11,824,127	)
Net cash flows provided by financing activities			30,987,321				13,104,175
Effect of foreign currency exchange rate changes on cash			65,981				10,390
Net increase in cash		$	12,680,900			$	1,290,438

Operating Activities

For the nine months ended September 30, 2026, net cash used in operating activities was approximately $18,372,000 which consisted of a consolidated net loss of approximately $21,491,000 offset by non-cash charges of approximately $2,255,000 in stock-based compensation, approximately $481,000 of non-cash expense to issue stock to vendors, and the decrease in the remeasurement of the warrant liability of approximately $535,000. Total changes in operating assets and liabilities of approximately $918,000 were driven by an approximate $2,362,000 net increase in accounts payable, prepaid expenses and other current assets, offset by an approximate $1,444,000 decrease in accrued expense.

For the nine months ended September 30, 2025, net cash used in operating activities was approximately $11,824,000, which consisted of a consolidated net loss of approximately $18,767,000 offset by non-cash charges of approximately $1,821,000 in stock-based compensation, approximately $250,000 of non-cash expense to issue stock to consultants and vendors, and the decrease in the remeasurement of the warrant liability of approximately $945,000. Total changes in operating assets and liabilities of approximately $5,817,000 were driven by an approximate $6,158,000 net increase in accounts payable and accrued expenses, and an approximate $341,000 decrease in prepaid expense and other assets.

For the nine months ended September 30, 2026, the effect of foreign currency exchange rate changes on cash increased the cash balance as of September 30, 2026 by approximately $66,000 versus an increase of approximately $10,000 for the nine months ended September 30, 2025.

Investing Activities

For the nine months ended September 30, 2026 and 2025, we did not have any cash provided by or used in investing activities.

Financing Activities

Net cash provided by financing activities was approximately $30,987,000 and $13,104,000 for the nine months ended September 30, 2026 and 2025, respectively. Total net cash provided by financing activities for the nine months ended September 30, 2026 consisted primarily of approximately $33,009,000 gross proceeds from public offerings, proceeds from the exercise of stock options of approximately $38,000, and were offset by an approximate $2,060,000 of offering costs.

Net cash provided by financing activities for the nine months ended September 30, 2025, consisted primarily of approximately $5,919,000 gross proceeds from private placement offerings, proceeds from the at-the-market offering of approximately $6,781,000, proceeds from the exercise of stock options of $1,000, proceeds from the exercise of warrants of $901,000 and were offset by an approximate $498,000 of offering costs.

Non-Cash Financing Activities

Issuance of common stock in exchange for clinical trial subscription receivable of $1,000,000.

Digital Asset Treasury Plan (DATP)

On October 6, 2025, our Board of Directors formally adopted a Digital Asset Treasury Plan. This plan permits the Company to allocate up to 90% of its corporate treasury reserves to acquire and hold Bitcoin, Ether, and USD Coin as a long-term store of value. As of the date of this Quarterly Report on Form 10-Q, the Company has not yet executed any purchases of Digital Assets under this plan. Due to cryptocurrency volatility, the Company's digital asset strategy is currently on hold. As of the date of this report, the Company holds no digital assets.

Critical Accounting Policies and Significant Judgments and Estimates

Our condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements. We believe that the estimates, judgments and assumptions are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. For a discussion of our critical accounting estimates, please read Part II, Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 23, 2026. There have been no material changes to the critical accounting estimates previously disclosed in such report.

Recently Issued Accounting Standards Not Yet Effective or Adopted

Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying unaudited condensed consolidated financial statements.