March 31, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$

954

$

259

Short-term investments

2,766

4,304

Accounts receivable and other receivables, net of allowance for credit loss
   of $559 as of March 31, 2026 and December 31, 2025

425

425

Inventories

840

1,212

Prepaid expenses and other current assets

184

156

Total current assets

5,169

6,356

Property and equipment, net

—

8

Intangible assets, net

39

39

Other noncurrent assets

115

143

Total assets

$

5,323

$

6,546

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable and accrued expenses

$

1,102

$

1,789

Other current liabilities

263

270

Total current liabilities

1,365

2,059

Common stock warrant and option liabilities

1,073

347

Total liabilities

2,438

2,406

Commitments and contingencies (Note 13)

Stockholders’ equity:

Common stock, $0.001 par value—150,000,000 shares authorized as
   of March 31, 2026 and December 31, 2025; 2,056,884 and 1,373,120 shares issued
   and outstanding as of March 31, 2026 and December 31, 2025, respectively

66

65

Additional paid-in capital

288,421

285,292

Accumulated deficit

(285,602

)

(281,217

)

Total stockholders' equity

2,885

4,140

Total liabilities and stockholders’ equity

$

5,323

$

6,546

Three Months Ended March 31,

2026

2025

Revenues:

Product

$

1,100

$

1,200

Total revenues

1,100

1,200

Operating expenses (income):

Cost of revenues

700

682

Gain on sale of intangible assets

—

(750

)

Change in fair value of contingent consideration

—

(1,000

)

Selling, general and administrative

1,179

1,738

Total operating expenses

1,879

670

(Loss) Income from continuing operations

(779

)

530

Interest income

5

207

Other loss, net

(1,504

)

—

Loss on January 2026 Inducement Offer

(2,877

)

—

Change in fair value of common stock warrant and option liabilities

1,191

1,862

Issuance and offering costs

(421

)

—

Net income (loss) from continuing operations

(4,385

)

2,599

Net loss from discontinued operations

—

—

Net (loss) income attributable to common stockholders

$

(4,385

)

$

2,599

Net (loss) income per share attributable to common stockholders:

Basic

$

(2.11

)

$

1.90

Diluted

$

(2.11

)

$

1.90

Weighted-average number of shares used in per share
   calculations:

Basic

2,082,887

1,366,060

Diluted

2,082,887

1,366,203

Other comprehensive income (loss), net of tax

Unrealized gains on available-for-sale securities

$

—

$

—

Other comprehensive income

$

—

$

—

Comprehensive income (loss) attributable to common stockholders

$

(4,385

)

$

2,599

Three Months Ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

(4,385

)

$

2,599

Adjustments to reconcile net income to cash used in operating activities:

Change in fair value of common stock warrant and option liabilities

(1,191

)

(1,862

)

Change in fair value of contingent consideration

—

(1,000

)

Issuance and offering costs

421

—

Loss on January 2026 Inducement Offer

2,877

—

Depreciation

8

13

Lease amortization

—

104

Amortization of note receivable

—

(69

)

Gain on sale of intangible assets

—

(750

)

Unrealized loss subsequent to receipt of Above Food Ingredients, Inc. common stock

1,538

—

Stock-based compensation

15

78

Changes in operating assets and liabilities:

—

—

Accounts receivable and other receivables

—

(193

)

Inventories

372

(381

)

Prepaid expenses and other current assets

(28

)

205

Accounts payable and accrued expenses

(719

)

(213

)

Other current liabilities

(7

)

—

Operating lease liabilities

—

(119

)

Net cash used in operating activities

(1,099

)

(1,588

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sale of intangible assets

—

500

Net cash provided by investing activities

—

500

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from January 2026 Inducement Offer

2,082

—

Payments of offering costs relating to January 2026 Inducement Offer

(288

)

—

Proceeds from ESPP purchases

—

5

Net cash provided by financing activities

1,794

5

Net increase (decrease) in cash and cash equivalents

695

(1,083

)

Cash and cash equivalents — beginning of period

259

4,242

Cash and cash equivalents — end of period

$

954

$

3,159

NONCASH INVESTING AND FINANCING ACTIVITIES:

Proceeds from sale of intangible assets in accounts receivable and other receivables

$

—

$

250

Accrued legal fees included in offering costs related to January 2026 Inducement Offer

$

62

$

—

Preferred investment options issued to placement agent and included in offering costs related to January 2026 Inducement Offer

$

71

$

—

Warrant and option modifications included in Loss on January 2026 Inducement Offer

$

555

$

—