Annual Report for Fiscal Year Ending 12-31, 2025 (Form 10-K)

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

General

The following discussion and analysis of the Company's financial condition and results of operations should be read together with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this Annual Report.

Overview

BioNexus Gene Lab Corp. conducts operations through Chemrex Corporation Sdn. Bhd. and MRNA Scientific Sdn. Bhd. Chemrex is engaged in the distribution of industrial chemical raw materials, and MRNA Scientific is engaged in blood-based genomic screening services and related diagnostics activities.

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During fiscal year 2025, the Company's results were affected primarily by lower sales volume at Chemrex, lower other income compared to fiscal year 2024 due mainly to a smaller reversal of expected credit losses, higher holding-company general and administrative expenses, and financing and strategic transactions involving Fidelion Diagnostics Pte. Ltd., ARC Group International Ltd., and the Company's at-the-market offering program.

Management's principal areas of focus during fiscal year 2025 included liquidity management, remediation of internal control and governance issues identified at Chemrex, support for ongoing subsidiary operations, and the evaluation of strategic opportunities in diagnostics-related businesses.

Going Concern and Liquidity Considerations

We ended 2025 with positive working capital, and our liquidity remains dependent on continued management of operating cash usage, the performance of Chemrex, and access to capital. At December 31, 2025, we had working capital of $4,927,781, compared to $5,479,146 at December 31, 2024. The year-over-year decline reflected operating losses, expenditures relating to strategic initiatives, and continued public-company and holding-company costs.

Management's current plans to address liquidity include maintaining and improving Chemrex operating performance, controlling discretionary expenditures, continuing remediation efforts intended to strengthen internal controls and governance, and pursuing external financing and capital markets transactions where available. However, there can be no assurance that additional financing, if needed, will be available on acceptable terms or at all. The use of equity financing could be dilutive to existing shareholders, while debt financing could impose restrictive covenants or other limitations.

Recent Developments

Corporate Actions

Notification of Delisting and Remedy of Delisting

As mentioned herein, from late 2023 through the second quarter of 2025, the Company faced potential Nasdaq delisting due to its "Bid Price" deficiency. The Company shareholders approved a 1 for 10 reverse split of its common stock in March 2025, which was filed with the State of Wyoming on April 7, 2025. The Company subsequently remedied its Bid Price deficiency with Nasdaq.

Reverse Stock Split

As referenced above, on March 19, 2025, the "Company held a Special Meeting of Shareholders (the "Meeting") to approve a reverse stock split of the Company's outstanding shares of common stock, with a ratio ranging from one-for-five (1:5) to one-for-ten (1:10), with the exact ratio to be set at the discretion of the Board of Directors. After a quorum was established, the shareholders approved the Reverse Stock Split. Thereafter, on that same date, the Board of Directors set the reverse stock split ratio at 1 for 10. The Reverse Stock Split became effective on April 7, 2025.

Share Subscription and Shareholders' Agreement (the "SSSA")

On November 12, 2025, the Company entered into a Share Subscription and Shareholders' Agreement (the "SSSA") by and among Fidelion, the Company, Tongshu Biotechnology (Hong Kong) Co., Limited ("Tongshu"), Mr. Su-Leng Tan Lee, Molecule Bio LLC and Rainy Morning Technology (Hong Kong) Limited.

Pursuant to the SSSA, the Company agreed to subscribe for newly issued ordinary shares of Fidelion such that the Company will hold at least 15.0% of Fidelion's enlarged share capital at completion, in exchange for the Company issuing to Fidelion 392,329 shares of common stock (which represents 19.9% of the Company's outstanding common stock as of such date). Completion of the SSSA is subject to specified conditions precedent, including execution of a Southeast Asia intellectual property license between the Company and Fidelion and customary corporate and third-party consents.

Exclusive Southeast Asia License Agreement ('License Agreement") with Fidelion

Pursuant to a Form 8-K filed on November 28, 2025, the Company announced that it has entered into a Licensing Agreement with Fidelion. In consideration for the license, the Company agreed to pay Fidelion a total license fee of $2,000,000 in 24 equal monthly instalments and committed to purchase at least $500,000 in value of VitaGuard™ reagents and system component during the first 24 months following the effective date.

ARC Group International Equity Purchase Agreement

On November 28, 2025, the Company entered into an Equity Purchase Agreement (the "Purchase Agreement") with ARC Group International Ltd. ("ARC"), the parent of ARC Group Securities, a FINRA registered broker/dealer. Under the terms of the Purchase Agreement, ARC has committed to purchase, from time to time at the Company's discretion, up to $500,000,000 of the Company's common stock, no par value per share ("Common Stock"), over a 36-month period (the "Facility").

Under the Facility, the Company, in its sole discretion and subject to the terms and conditions of the Purchase Agreement, may direct ARC to purchase registered shares of Common Stock at a purchase price equal to a specified discount to the prevailing volume-weighted average price during an agreed pricing period, the discount being between 3.0% and 3.5%. ARC may not purchase shares under the Facility that would result in its beneficial ownership exceeding 9.99% of the Company's then-outstanding Common Stock and is prohibited from short selling or hedging transactions involving the Company's securities.

As consideration for ARC's commitment under the Facility, the Company issued to ARC 175,000 shares of Common Stock (the "Commitment Shares") on November 26, 2025.

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Audit Committee Review and Governance Remediation

In 2025, our Audit Committee undertook a comprehensive review of historical transactions at our wholly owned subsidiary, Chemrex Corporation Sdn. Bhd., following concerns raised about internal control procedures and board authorization. The review identified the following material items:

	·	A sale of Chemrex's primary operating property to CCRE Composite Sdn. Bhd. was initiated without formal Board approval. This transaction has since been cancelled, and the deposit was forfeited in favor of the Company.
	·	Transactions with Honkuk Material Sdn. Bhd., a related party, were not submitted for prior Board or Audit Committee review, although no material misstatement has been identified to date.
	·	Director remuneration increases and payments to Mr. Wong Kim Hai were processed without documented approvals. These are scheduled to be presented to shareholders for ratification at the next Chemrex shareholder meeting.
	·	Procurement from Quote Me Sdn. Bhd., a dissolved entity at the time of transaction, is being accepted based on auditor confirmation of assets received and management representations.

As a result of these findings, the Board, in coordination with the Audit Committee, is implementing enhanced governance controls, updating approval workflows, and reviewing subsidiary-level delegations of authority. These steps are intended to strengthen oversight and align our corporate governance practices with Nasdaq and SEC expectations. In addition, at this time, the Company is assessing its claims against the former Chemrex officers.

Cybersecurity and Digital Assets Integration

On March 5, 2025, the Company announced its Ethereum-focused treasury strategy. This decision marked the Company as the first Nasdaq-listed company to exclusively prioritize Ethereum (ETH) as a strategic treasury asset, and is in line with recent announcements of Ethereum being included in the US "Crypto Strategic Reserve."

The Company published its "Ethereum Strategy Whitepaper" on that same date, which is available https://www.bionexusgenelab.com/ethstrategy.

On March 7, 2025, we announced our strategic partnership with ML Tech to optimize the BGLC's Ethereum-based growth strategies. ML Tech is an AI-driven wealth management platform for digital assets regulated by the National Futures Association (NFA), and is headquartered in Miami, Florida. This collaboration follows the announced Ethereum treasury strategy by BGLC, marking its commitment to technological and financial innovation.

Known Trends, Uncertainties, and Events

Looking ahead, we anticipate the following key developments will shape our operations:

	·	Full remediation of internal control deficiencies and establishment of a uniform group-level risk and compliance framework;
	·	Continued development of the VitaGuard™ Minimal Residual Disease (MRD) platform in the South East Asian market;
	·	Continued expansion into digital healthcare markets, including the deployment of capital into Malaysian government co-investment projects;
	·	Potential revenue acceleration through strategic alliances, mergers, or acquisitions facilitated by the Company's investment banking advisor; and

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Critical Accounting Policies and Estimates

In preparing our Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States, and pursuant to the rules and regulation of the SEC, we make assumptions, judgments and estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. We evaluate our assumptions, judgments and estimates on a regular basis. We also discuss our critical accounting policies and estimates with the Audit Committee of the Board of Directors.

We believe that the assumptions, judgments and estimates involved in the accounting for valuation of current expected credit losses have the greatest potential impact on our Consolidated Financial Statements. This area is key component of our results of operations and are based on complex rules requiring us to make judgments and estimates, and consequently, we consider these to be our critical accounting policies. Historically, our assumptions, judgments and estimates relative to our critical accounting policies have not differed materially from actual results.

Current Expected Credit Losses

The Company maintains an allowance for credit losses on financial assets, including trade receivables and other financial instruments, in accordance with ASC 326, which requires the use of the current expected credit loss ("CECL") model. Under the CECL model, the Company estimates expected credit losses over the contractual life of financial assets based on a combination of historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions.

The determination of the allowance for credit losses requires significant judgment and estimation. In developing its estimate, the Company considers factors such as the aging and composition of receivables, historical collection trends, customer creditworthiness, and forward-looking macroeconomic indicators. The Company may also apply qualitative adjustments to address specific risks not fully captured in the quantitative analysis, including changes in industry conditions or customer-specific developments.

This estimate is considered critical because it involves a high degree of subjectivity and has a material impact on the Company's financial condition and results of operations. Changes in key assumptions, including the economic outlook or the financial condition of customers, could result in material adjustments to the allowance. In particular, adverse economic conditions, increased customer concentration risk, or deterioration in credit quality may lead to higher expected credit losses.

The Company reassesses the adequacy of the allowance at each reporting period. Changes in estimates are recognized in earnings in the period in which they are identified and could materially affect the Company's results of operations

Result of Operations

Exchange Rates

Translation of amounts from RM (MYR) into US$1.00 has been made at the following exchange rates for the respective years:

		December 31,				December 31,
		2025				2024
Year-end US$1.00: MYR exchange rate			4.0610				4.4755

		January 1,				January 1,
		to				2024 to
		December 31,				December 31,
		2025				2024
Yearly average US$1.00: MYR exchange rate			4.2798				4.5710

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Results of Operations for the Year Ended December 31, 2025, compared to the Year Ended December 31, 2024 (Audited).

The following table sets forth key components of the results of operations for fiscal years ended December 31, 2025 and 2024, respectively.

Consolidated		Year ended
		December 31, (Audited)
		2025				2024
REVENUE (including $68,104 and $112,556 of revenue from related parties for the year ended December 31, 2025 and 2024 respectively)		$	7,424,911			$	9,510,646
COST OF REVENUE (including $9,503 and $297,736 of cost of revenue from related parties for the year ended December 31, 2025 and 2024, respectively)			(6,339,694	)			(8,221,125	)
GROSS PROFIT			1,085,217				1,289,521
OTHER INCOME
Dividend income			22,112				68,130
Interest income			83,888				147,641
Fair value gain on investments in equity securities			-				69,476
Gain on disposal of investments in equity securities			27,201				38,409
Reversal of expected credit losses			144,767				1,689,412
Gain from foreign exchange			94,664				-
Others			59,485				59,405
TOTAL OTHER INCOME			432,117				2,072,473
OPERATING EXPENSES
Sales and marketing			(1,736,331	)			(2,030,684	)
Research and development			(50,670	)			(47,511	)
General and administrative (including $4,206 and $1,969 of rental expenses to related parties for the year ended December 31, 2025 and 2024, respectively)			(1,535,452	)			(1,832,968	)
Share-based compensation			(794,770	)			(141,000	)
Fair value loss on investments in equity securities			(93,965	)			-
Provision for expected credit losses			(271,211	)			(883,533	)
TOTAL OPERATING EXPENSES			(4,482,399	)			(4,935,696	)
LOSS FROM OPERATIONS			(2,965,065	)			(1,573,702	)
FINANCE COSTS			(19,542	)			(21,146	)
LOSS BEFORE TAXES			(2,984,607	)			(1,594,848	)
Tax expense:
Deferred tax			-				12,305
Income tax			-				(15,799	)
Tax expense			-				(3,494	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	(2,984,607	)		$	(1,598,342	)
Other comprehensive income
Foreign currency translation gain			434,251				122,294
COMPREHENSIVE LOSS		$	(2,550,356	)		$	(1,476,048	)

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Revenues

Revenues decreased by 21.9% during fiscal year 2025 compared to fiscal year 2024 primarily due to lower business volume registered by Chemrex as a result of the change of management which impacted relations with a number of customers. The foreign currency translation denominated in currency other than the U.S. dollar also has an impact on revenues during fiscal year 2025.

Cost of Revenues

Cost of revenue decreased by 23% during fiscal year 2025 compared to fiscal year 2024 primarily due to lower revenues for the reasons described above.

Other Income

Other income decreased by 79% during fiscal year 2025 compared to fiscal year 2024 primarily due to a smaller reversal of expected credit losses during fiscal year 2025 by Chemrex. In fiscal year 2024, there was a reversal of expected credit losses of $1,689,412 by Chemrex, whereas during fiscal year 2025, the reversal was only $144,767. Dividend, fair value gain on investment in equity securities and interest income was also reduced due to reductions in shares owned and term deposits held in interest bearing accounts. The foreign currency translation denominated in currency other than the U.S. dollar has also impacted on other income during 2025.

Operating Expenses

Operating expenses decreased by 9% during fiscal year 2025 compared to fiscal year 2024. The main reason for the lower operating expenses in fiscal year 2025 was mainly due to lower provision of expected credit losses and lower sales and marketing expenses incurred partially offset by higher general administration expenses. The foreign currency translation denominated in currency other the U.S. dollar also has an impact on lowering operating expenses during fiscal year 2025.

Loss from Operations

Our loss from operations has increased by 88% due to the reasons outlined above.

Tax Expense

We had a lower tax expense during fiscal year 2025 compared to fiscal year 2024 due to losses from our operating subsidiaries.

Foreign Currency Translation Gain

We are exposed to fluctuations in foreign exchange rates on the translation of monetary assets and liabilities denominated in currencies other than the US Dollar. Therefore, any change in the relevant exchange rate will require us to recognize a transaction gain or loss on revaluation. For the annual period ended December 31, 2025, we had foreign currency translation gain of $434,251 compared with foreign currency translation gain of $122,294 for 2024.

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		MRNA Scientific (Provision for genomic screening services)				Chemrex (Trading of industrial chemicals)				MRNA Scientific (Provision for genomic screening services)				Chemrex (Trading of industrial chemicals)
		Year ended December 31, 2025								Year ended December 31, 2024
REVENUE		$	19,089			$	7,405,822			$	16,069			$	9,494,577
COST OF REVENUE			(9,335	)			(6,330,359	)			(7,316	)			(8,213,809	)
GROSS PROFIT			9,754				1,075,463				8,753				1,280,768
OTHER INCOME
Dividend income			-				22,112				-				68,130
Interest income			73,274				10,614				109,444				38,197
Fair value gain on investments in equity securities			-				-				-				69,476
Gain on disposal of investments in equity securities			-				27,201				-				38,409
Reversal of expected credit losses			-				144,767				-				1,689,412
Gain from foreign exchange			94,664				-				-				-
Others			10,514				48,971				13,507				45,898
TOTAL OTHER INCOME			178,452				253,665				122,951				1,949,522
OPERATING EXPENSES
Sales and marketing			(135,714	)			(1,548,420	)			(125,299	)			(1,861,456	)
Research and development			(50,670	)			-				(47,511	)			-
General and administrative			(211,467	)			(461,943	)			(194,038	)			(679,321	)
Fair value loss on investments in equity securities			-				(93,965	)			-				-
Provision for expected credit losses			-				(271,211	)			-				(883,533	)
TOTAL OPERATING EXPENSES			(397,851	)			(2,375,539	)			(366,848	)			(3,424,310	)
LOSS FROM OPERATIONS			(209,645	)			(1,046,411	)			(235,144	)			(194,020	)
FINANCE COSTS			(12,709	)			(6,645	)			(11,795	)			(9,072	)
LOSS BEFORE TAXES			(222,354	)			(1,053,056	)			(246,939	)			(203,092	)
Deferred tax							-				-				12,305
Tax expense							-				-				(15,799	)
Total tax (expense)/credit			-				-				-				(3,494	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	(222,354	)		$	(1,053,056	)		$	(246,939	)		$	(206,586	)

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Revenue

		FYE December 31 2025												FYE December 31 2024
		Revenue $				Change from prior year %				Contribution to total revenue				Revenue $				Contribution to total revenue
MRNA Scientific			19,089				18.8	%			0.3	%			16,069				0.2	%
Chemrex			7,405,822				-22.0	%			99.7	%			9,494,577				99.8	%
			7,424,911				-21.9	%			100.0	%			9,510,646				100.0	%

MRNA Scientific's revenue increased by 18.8%, due to the impact of foreign currency translation denominated in non-U.S. dollar currencies.

Revenue for Chemrex decreased by 22% mainly due to lower business volume as a result of change of management in the 4^th quarter of the fiscal year 2025.

Cost of Revenues and Gross Margin

		FYE December 31
		2025				2024
Cost of Revenue
MRNA Scientific			9,335				7,316
Chemrex			6,330,359				8,213,809
Total cost of sale			6,339,694				8,221,125
Gross Margin percentage
MRNA Scientific			51.1	%			54.5	%
Chemrex		14.6		%		13.6		%
Total Gross Margin percentage		14.7		%		13.7		%

The gross margin percentage for MRNA Scientific reduced slightly during fiscal year 2025 compared to fiscal year 2024 mainly due to a different mix of services with lower gross margins.

The gross margin percentage for Chemrex improved during fiscal year 2025 compared to fiscal year 2024 mainly due to a different product mix in sales.

Other Income

		FYE December 31
		2025								2024
		$				% Change from prior year				$
MRNA Scientific			178,452				45.1	%			122,951
Chemrex			253,665				-87.0	%			1,949,522
			432,117				-79.1	%			2,072,473

Other income for MRNA Scientific improved during fiscal year 2025 compared to fiscal year 2024 mainly due to higher rental received and gain from unrealised foreign exchange.

		MRNA Scientific (Provision for genomic screening services)
OTHER INCOME		2025				Change from prior year				2024
		$				%				$
Interest income			73,274				-33	%			109,444
Gain from unrealised foreign exchange			94,664				100	%			-
Others			10,514				-22	%			13,507
TOTAL OTHER INCOME			178,452				45	%			122,951

Chemrex recorded lower other income during 2025 compared to 2024 mainly due to lower reversal of expected credit losses, no fair value gain on investments in equity securities, lower dividend income and interest income during 2025 compared to 2024.

		Chemrex (Trading of industrial chemicals)
OTHER INCOME		2025				Change from prior year				2024
		$				%				$
Dividend income			22,112				-68	%			68,130
Interest income			10,614				-72	%			38,197
Fair value gain on investments in equity securities			-				-100	%			69,476
Gain on disposal of investments in equity securities			27,201				-29	%			38,409
Reversal of expected credit losses			144,767				-91	%			1,689,412
Others			48,971				7	%			45,898
TOTAL OTHER INCOME			253,665				-87	%			1,949,522

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Sales and Marketing

		FYE December 31
		2025								2024
		$				% Change from prior year				$
MRNA Scientific			135,714				8.3	%			125,299
Chemrex			1,548,420				-16.8	%			1,861,456
BGLC			52,197				18.8	%			43,929
			1,736,331				-14.5	%			2,030,684

Sales and marketing expenses for MRNA Scientific during fiscal year 2025 increased by 8.3% mainly due to higher business development and travelling expenses compared to the prior fiscal year. Sales and marketing expenses for Chemrex was reduced by 16.8% primarily due to lower associated staff remuneration and variable selling expenses. Foreign currency translation for currency denominated other than in U.S dollars also has a negative impact on expenses during fiscal year 2025.

Sales and marketing expenses for BGLC increased for fiscal year 2025 due to increased direct business development and travelling expenses incurred in fiscal year 2025.

Research and Development

Research and development costs during fiscal year 2025 were solely related to MRNA Scientific's continued development of its blood-based genomic screening (BGS) test.

General and Administrative

		FYE December 31
		2025								2024
		$				% Change from prior year				$
MRNA Scientific			211,467				9.0	%			194,038
Chemrex			461,943				-32.0	%			679,321
BGLC			862,042				-10.2	%			959,609
			1,535,452				-16.2	%			1,832,968

General and administrative expenses for MRNA Scientific increased by 9% mainly due to higher amortisation of right of use assets and higher staff costs. General and administrative expenses for Chemrex was reduced by 32% primarily due to lower staff salaries, lower impairment loss on investment properties and reduced losses on foreign exchange. The foreign currency translation for currency denominated other than in U.S dollars also has an impact on expenses during fiscal year 2025.

General and administrative expenses for BGLC, reduced by 10.2% due to lower professional fee related to legal and lower director fee.

Share-based Compensation

Share-based compensation increased due to the issuance of 175,000 shares of common stock related to financing in fiscal year 2025. In fiscal year 2024, 30,000 shares (after reversed split of 1 to 10) of common stock were issued to professional parties or service providers in lieu of cash for services rendered

Provision for Expected Credit Losses

With the improvement in our collection efforts, we had a lower provision of expected credit losses during fiscal year 2025 as compared to fiscal year 2024.

Loss Before Taxes

Loss before taxes has increased to $2,984,607 (87.1%) during fiscal year 2025 from $1,594,848 in fiscal year 2024 for the reasons described above.

Income Tax Expense

For fiscal year 2025, we did not have income tax expenses due to our incurred losses.

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LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2025, we had working capital of $4,927,781 compared with working capital of $5,479,146 as of December 31, 2024. The decrease in working capital as of December 31, 2025 from December 31, 2024, was due principally to operational losses, which included undertaking new strategic initiatives, in line with the Company's overall strategic plans.

Our primary uses of cash have been for operations and strategic investments. The main sources of cash were generated from operational revenues, the private placement of our common stock, and the proceeds of our public offering. The following trends could result in a material decrease in our liquidity over the near to long term:

	·	Addition of administrative and marketing personnel as the business grows,
	·	Increases in advertising and marketing in order to attempt to generate more revenues, and
	·	The cost of being a public company.

The Company's ability to sustain operations over the next 12 months will depend on operating performance, working capital management, cost controls, and access to external financing, and there can be no assurance that these sources will be sufficient or available on acceptable terms.

The following is a summary of the Company's cash flows provided by (used in) / generated from operating, investing, and financing activities for the year ended December 31, 2025, and 2024:

		Year Ended
		December 31,
		2025				2024
Net cash used in operating activities		$	(1,838,382	)		$	(2,093,260	)
Net cash generated from investing activities			944,751				418,202
Net cash generated from financing activities			298,841				3,975
Foreign currency translation adjustment			194,207				40,339
Net Change in Cash and Cash Equivalents		$	(400,583	)		$	(1,630,744	)

Operating Activities

Cash provided by operating activities decreased $254,878 in fiscal year 2025 compared to fiscal year 2024. This is primarily due to lower revenue and substantial decreased in trade payable, partly offset by substantial decrease in trade receivables.

Investing Activities

Cashflow outflows from investing activities are primarily for acquisition and capital expenditure, while cash inflows are primarily proceeds from disposal of investment and capital items.

Cash generated for investing activities was $944,751 in fiscal year 2025 as compared to cash generated of $418,202 in fiscal year 2024.

In fiscal year 2025, the Company had net cash of $944,751 generated from investment activities from acquisition of investments in equity securities of $(9,159), purchase of plant and equipment of $(36,971), fixed deposits placed of $(62,860), cash generated from dividend income of $22,112, proceeds from disposal of investments in equity securities of $1,031,629.

During fiscal year 2024, the Company had net cash of $418,202 generated from investment activities from acquisition of investments in equity securities of $(492,732), purchase of plant and equipment of $(226,989), fixed deposits placed of $(78,835), cash generated from dividend income of $68,130, proceeds from disposal of investments in equity securities of $1,068,777, and a refund from the settlement of a supplier contract dispute at $79,851.

Financing Activities

Cash generated from financing activities increased to $298,841 in 2025 from $3,975 in 2024. The increase is primarily attributable to 53,478 shares having been sold for proceeds of $267,311 under the ATM Program.

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